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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Blog Posts in April, 2013

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  • Why Hiding Assets and Property in Bankruptcy is Never a Good Idea

    Posted By Allmand Law Firm, PLLC || 30-Apr-2013

    Hiding Assets & Personal Property When Filing Bankruptcy Hiding assets and personal property when filing bankruptcy not only jeopardizes the outcome of your case, you may face criminal prosecution and your debt may not get discharged. Not withholding details about personal property cannot be stressed enough as doing this may hurt your chances of discharging debt in subsequent bankruptcies. ...
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  • Former Supermodel Janice Dickinson Files Bankruptcy

    Posted By Allmand Law Firm, PLLC || 29-Apr-2013

    Janice Dickinson, 58, also known as the world's first supermodel, filed for bankruptcy protection after owing creditors close to $1 million. Her creditors include the Internal Revenue Service (IRS) and unpaid bills from plastic surgery performed by multiple doctors. Dickinson is known as one of the most successful models in the world when her modeling career kicked off in the late 1970s after ...
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  • Bankruptcy Filings Increase Among Doctors

    Posted By Allmand Law Firm, PLLC || 25-Apr-2013

    While many consumers struggle to make payments on their medical bills, there are doctors facing a similar struggle; except it involves keeping their businesses afloat. The American Bankruptcy Institute's health care committee has noticed a spike in Chapter 11 bankruptcy filings by doctors with 8 being filed in recent weeks alone. Industry experts have noticed the trend increasing over the ...
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  • Should a Personal Loan Owed to a Family Member or Friend Be Included When Filing Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 24-Apr-2013

    Personal Loans Eligible to Be Discharged in Bankruptcy One of the most important elements debtors should review when considering bankruptcy is how personal debt is handled by the court. When you file, you are required to list outstanding debt including loans owed to friends or family. Depending on the chapter you file they are handled differently. For the most part, these types of personal loans ...
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  • Can Pay Day Loans be Wiped Out or Repaid in Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 23-Apr-2013

    Pay Day Loans and Bankruptcy Payday loans, also known as a cash advance, are short-term loans borrowers obtain against their next paycheck. While they seem convenient in helping you get necessary expenses covered between pay days, many find themselves trapped in trying to break the cycle of getting it paid without the need to take it out again. Due to high interest rates, you end up repaying more ...
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  • Protecting Assets in Bankruptcy: Personal Property Debtors Commonly Forget to List When Filing

    Posted By Allmand Law Firm, PLLC || 22-Apr-2013

    When bankruptcy is filed, debtors are required to list assets and personal property as part of the bankruptcy estate. While common items such as saving accounts, jewelry, homes and vehicles are included, there are assets that some may forget to mention upon filing their petition. Debtors who realize they may have forgotten to list an asset may worry or panic. They don't want their trustee or ...
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  • Understanding Income Eligibility for Chapter 13 Bankruptcy

    Posted By Allmand Law Firm, PLLC || 18-Apr-2013

    Income Eligibility for Chapter 13 Bankruptcy Chapter 13 bankruptcy is a repayment plan approved by the court. This can be a suitable option for debtors who want an affordable payment plan for their debt obligations based on what they earn. Yet, consumers may be under the impression that only earned wages or a form of employment is the only income that qualifies for this option. The main idea is ...
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  • How Bankruptcy Can Help You Deal with Tax Debt

    Posted By Allmand Law Firm, PLLC || 17-Apr-2013

    Tax Debt and Bankruptcy Bankruptcy can help taxpayers deal with tax debt either by eliminating qualifying debt or creating an affordable monthly payment to put toward what you owe. Each bankruptcy chapter has regulations and requirements for handling tax obligations. In some cases you can get them discharged, if they don't qualify for elimination, having them included in a repayment plan may ...
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  • Using Chapter 7 Bankruptcy to Discharge Business Debt

    Posted By Allmand Law Firm, PLLC || 16-Apr-2013

    Chapter 7 Bankruptcy and Business Debt Many business owners are confused on whether a personal bankruptcy filing has the ability to wipe out business-related debt. In many cases, this is possible depending on the type of debt and whether you are indeed personally liable for the debt. The way your business is structured may also affect your ability to obtain a discharge. Chapter 7 bankruptcy can ...
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  • Former Construction Chief to Serve 15 Months in Prison for Tax and Bankruptcy Fraud

    Posted By Allmand Law Firm, PLLC || 15-Apr-2013

    Robert "Jeff" Johnson, 46, was recently sentenced to 15 months in prison for fraud, along with being ordered by a federal judge to pay $1.6 million to the Internal Revenue Service (IRS) and a bank he defrauded. Johnson was indicted on 12 counts in 2010 that included theft, larceny, obstruction of correspondence, falsification of records, and criminal contempt. As part of a plea deal, ...
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  • How Long Does It Take to Complete a Chapter 13 Bankruptcy Repayment Plan?

    Posted By Allmand Law Firm, PLLC || 12-Apr-2013

    Completing a Chapter 13 Bankruptcy On average, a Chapter 13 bankruptcy repayment plan can last anywhere from three to five years. Yet, there are factors to consider in determining how long your case will last since each situation varies. The amount you pay is based on your monthly income, with similar factors determining the amount of time the debtor commits toward making payments. This is known ...
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  • Can Bankruptcy Reduce My Mortgage or Vehicle Payment?

    Posted By Allmand Law Firm, PLLC || 11-Apr-2013

    Bankruptcy may help reduce your vehicle payment but your mortgage payment may not have the same option. In other words, depending on which chapter you file you may be able to have your vehicle payment reduced, reaffirm your loan agreement with the lender, or set up a payment arrangement that helps you get caught up on missed or defaulted payments. Chapter 7 bankruptcy can eliminate or discharge ...
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  • Can My Mortgage Lender Refuse Payment While In Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 10-Apr-2013

    When Mortgage Companies Refuse Payments While Your In Bankruptcy Some debtors claim their mortgage lender refused payment after they file bankruptcy protection. While this may sound unusual, the lender may decide not to accept payment from you in order not to violate the automatic stay that goes into effect when your petition is filed. When bankruptcy is filed the automatic stay goes into effect. ...
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  • Understanding Financial Management Course Requirement for Bankruptcy Discharge

    Posted By admin || 9-Apr-2013

    For consumers considering bankruptcy protection, you may be unaware of the credit counseling requirement needed in order to file your petition. There is also a financial management courses that are required in order for debts to be successfully discharged. Many may not be fully aware of the second course requirement since it is different from the credit counseling requirement, or some assume they ...
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  • Preparing to File Bankruptcy? Documents Needed to Complete the Filing Process

    Posted By admin || 5-Apr-2013

    Making the decision to file bankruptcy brings you one step closer to achieving the fresh start you're looking to achieve. In regaining financial control you want to ensure you follow the process thoroughly in order to obtain a favorable outcome. One of the most important aspects in establishing a positive working relationship between you and your attorney includes providing essential documentation ...
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  • Maryland Man Convicted on Multiple Counts of Bankruptcy Fraud and Filing a False Tax Return

    Posted By admin || 4-Apr-2013

    A federal jury recently convicted 42 year old Ricardo O. Curry of Randallstown, Maryland of four counts of bankruptcy fraud, two counts of filing a false tax return, one count of false testimony under oath during bankruptcy proceedings and four counts of falsifying bankruptcy records. According to county officials, Curry failed to report more than $740,000 of income and assets while attempting to ...
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  • Can Bankruptcy Help Me Deal With a Credit Card Lawsuit?

    Posted By admin || 3-Apr-2013

    Bankruptcy and Credit Card Lawsuits Bankruptcy has the ability to cease or delay legal action from lawsuits related to credit card debt. How the filing process provides a solution for the issue will likely depend on which chapter you file; whether it be Chapter 7 or Chapter 13. For the most part, debtors may have debt related to the suit discharged or may be required to pay a portion of what is ...
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  • Using Bankruptcy to Stop Medical Debt Collections

    Posted By admin || 2-Apr-2013

    Filing Bankruptcy to Stop Medical Debt Collections Medical debt continues to be one of the top reasons why bankruptcy is filed. Yet, many debtors are unaware of how the filing process can help stop medical debt collections. Whether you're facing a pending lawsuit for an outstanding balance, having wages or funds garnished from your account, need legal assistance in making affordable payments, or ...
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  • Why Legal Experts Advise Against Filing for Bankruptcy without an Attorney

    Posted By admin || 1-Apr-2013

    Filing for Bankruptcy Without an Attorney Filing for bankruptcy without an attorney, also known as "pro se," may not be as easy as it seems since it can be a challenge to complete successfully. Cases filed with the bankruptcy court need to be handled appropriately in order for the court to consider discharging debt associated with the filing. Meaning, an experienced bankruptcy lawyer will ...
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