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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 August, 2013

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  • New Report Supports Student Loan Discharge in Bankruptcy

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

    The Center for American Progress (CAP) released a report that suggests Congress should reclassify how student loan debt is discharged in bankruptcy. The report encourages Congress to review laws for both private and federal loans and how they could be handled in bankruptcy. Currently, student loan debt is almost impossible to discharge and it has been that way since it was made into law back in ...
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  • Medical Debt Continues to Be Leading Cause of Bankruptcy

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

    Out of the 70 percent of Americans who file for bankruptcy, over 60 percent of them file due to debt from medical bills. Many consumers continue to struggle in paying medical bills and it continues to be the leading cause of bankruptcy. A recent report looks at how ethnic groups such as Latinos face ongoing struggles in paying medical debt with 1 in 4 having difficulties in paying their bills. ...
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  • What If I Have No Assets But Need to File Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 28-Aug-2013

    I Want to File Bankruptcy But I Have No Assets! Many who claim to have no assets file Chapter 7 bankruptcy. This is sometimes referred to as a Chapter 7 no-asset bankruptcy. In many cases, the process goes by quickly since the trustee won't have any property or assets to satisfy creditors with. Many consumers don't realize that a large number of Chapter 7 cases filed are considered ...
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  • Would I Be Personally Liable for Business Debt in Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 27-Aug-2013

    As an individual, being responsible for business debt in bankruptcy likely depends on the structure of your business. In some cases it may depend on how it was developed or formed. Many who seek to file for protection may operate a business as a sole proprietor, partnership, corporation or limited liability company (LLC). If you are the sole business owner of your business, meaning it is not ...
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  • Is My Spouse Liable for Business Debts in Bankruptcy?

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

    Business Debt and Your Spouse As a business owner, determining whether your spouse is liable for what is owed in a bankruptcy filing depends on how your business is structured and the debt incurred. In many situations, for married couples it depends on where you live. In other words, an aspect you may need to consider is how common law and community property states handle such situations. A few ...
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  • Getting Protection through Bankruptcy Before Creditors Make Their Move against You

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

    It is common for people to have outstanding debt and while the amount owed varies, many may not be aware of how close they are to having their creditor take legal action against them. For a number of debtors, legal action from a creditor comes at a time they least expect it. This reason alone is enough to encourage debtors to seek advice from an experienced bankruptcy attorney. If you find ...
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  • What Happens When a Chapter 7 Bankruptcy Case Ends?

    Posted By Allmand Law Firm, PLLC || 21-Aug-2013

    Chapter 7 Bankruptcy Final Decree Chapter 7 bankruptcy can help eliminate or wipe out debt obligations for qualifying debtors. When debt is eliminated it is known as a discharge. When this happens, many people think their case is finished. Well, not quite. While getting debt discharged is the primary goal for most filers, this isn't the actual end of the bankruptcy case. The case has ...
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  • Why You Should Not Be Afraid to File Bankruptcy

    Posted By Allmand Law Firm, PLLC || 20-Aug-2013

    There are a number of misconceptions about bankruptcy with many consumers under the impression that filing will hurt them. Fortunately, the process can help you and once you gain the necessary knowledge and get clarity about filing, it may improve your financial situation in more ways than one. In short, if you are unsure about what happens during the process, or whether it is a solution you ...
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  • 3 Points to Consider When Filing for Bankruptcy

    Posted By Allmand Law Firm, PLLC || 19-Aug-2013

    Deciding to file for bankruptcy is a significant step toward improving your finances. Whether you have decided to file Chapter 7 or Chapter 13 bankruptcy, one of the most important steps you should take includes getting to know the process and what to expect. In this sense, it helps to make the filing process easier when you know what lies ahead. Take time to plan ahead before your case is filed. ...
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  • If I Am Being Sued by a Creditor Can Bankruptcy Get Rid of the Lawsuit?

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

    Getting rid of a lawsuit in bankruptcy depends on a few factors. One of the main factors includes determining if the liability associated with it is dischargeable. Sometimes a debtor may receive a lawsuit or learn of being sued and ignore it. This can turn into a default judgment giving creditors an upper hand on taking more legal action against you, such as a lien or wage garnishment. In ...
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  • What is Significant about the Automatic Stay in Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 14-Aug-2013

    The automatic stay is one of the reasons why bankruptcy can be a powerful tool in helping you regain control of your finances. It is often seen as a stop sign to creditors or anyone looking to proceed with legal action against you. Whether you are behind on paying your bills or feel repossession is imminent, the automatic stay may help give you more time to sort out a solution. The automatic stay ...
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  • Potential Dangers of Filing Chapter 7 Bankruptcy on Your Own

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

    Debtors exploring the option of filing Chapter 7 bankruptcy on their own without an attorney, (pro se) may be in for a few surprises if they do not know what they are getting themselves into. While it is true you have the option to file on your own, it is often not advised for debtors to do so for several reasons. The bankruptcy code is filed with complex rules and regulations an experienced ...
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  • Get Mortgage Payments Caught Up with Chapter 13 Bankruptcy

    Posted By Allmand Law Firm, PLLC || 9-Aug-2013

    If you're seeking an alternative option in helping you get caught up on mortgage payments, Chapter 13 bankruptcy may be a helpful solution. The plan can help you make missed payments to cure the default with your mortgage. This option has helped a large number of homeowners avoid foreclosure, while making affordable payments. Chapter 13 has also given homeowners another opportunity to obtain ...
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  • Key Points You Should Know about Bankruptcy and Foreclosure

    Posted By Allmand Law Firm, PLLC || 8-Aug-2013

    Most people are aware that bankruptcy can help you keep your home, but what some may not know is that the process can help you do this in more ways than one. In most cases, it depends on your unique situation and which chapter is filed. Aside from preventing or avoiding foreclosure, you may be able to reduce your mortgage payment and cure default payments to bring your mortgage current. Whether ...
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  • Do You Have to Repay All of Your Debt in Chapter 13 Bankruptcy?

    Posted By Allmand Law Firm, PLLC || 2-Aug-2013

    Chapter 13 bankruptcy helps debtors reorganize debt obligations into an affordable 3 to 5 year repayment schedule. The amount you pay depends on a few factors such as your monthly income and the type of debt. Some debtors are under the impression that they must repay all of their debt under this plan. In many cases, this isn't true but certain debts may require you to pay what is owed. A ...
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