Mark Rubin, Author at Rubin & Associates - Dallas Bankruptcy Lawyers

What happens to your retirement account when you file for bankruptcy?

When filing for bankruptcy in the Dallas area, whether under Chapter 7 or Chapter 13, it is crucial to understand how retirement accounts are treated, as this can significantly impact your financial planning and future security. Bankruptcy laws provide certain protections for retirement accounts to ensure that individuals have resources available for their retirement years, despite undergoing financial distress.

Chapter 7 bankruptcy and retirement accounts

In a Chapter 7 bankruptcy, also known as liquidation bankruptcy, a debtor’s assets are sold off to pay creditors. However, most retirement accounts are exempt from this process, since they are safeguarded by federal bankruptcy laws. This means that 401(k)s, 403(b)s, profit-sharing, and IRAs (both Roth and traditional) are protected up to a certain amount. The exemption for IRAs is indexed for inflation and offers significant protection for individuals’ retirement savings. (more…)

By Mark Rubin|2024-03-20T14:14:01-05:00March 13th, 2024|Bankruptcy, Debt, Financial|

4 Easy Tips to Avoid Bankruptcy

For many Americans, debt is a way of life. When that debt continues to pile up, many people think that filing for bankruptcy is the only way to solve their financial problems. While bankruptcy can definitely help erase debts and start you on a fresh path, it’s not always your only option. Many times, your financial situation might not be as hopeless as you think it is.

You should start by looking at your overall debt situation and assessing the status. If you’re not too far gone yet, these four tips can help you reduce your debt load and avoid bankruptcy. They’ll take time and dedication, but with some patience and hard work, you’ll be able to climb out of your financial hole and start over again.

1. Don’t add any more debt

When your debt spirals to the point where you can no longer pay it off, bankruptcy becomes your only option. The trick is to stop the downward spiral before it’s too late. Don’t add any more debt to your current load – no new loans, no new credit cards… nothing. If you need extra money, consider selling a few minor assets instead of taking out a loan or opening a new credit card.
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By Mark Rubin|2024-03-06T17:05:18-06:00March 6th, 2024|Bankruptcy, Debt, Financial|

Which rights do you have during a foreclosure?

With foreclosures in the Dallas area on the rise, we are hearing more and more questions about the rights that homeowners have during the foreclosure process. Foreclosure is obviously a challenging and confusing time, and understanding your rights is crucial for navigating the process effectively. Since we know more people are searching for these answers, I wanted to outline the key rights you have as a homeowner in Texas during foreclosure.

Right to Notice

Notice Before Acceleration: In Texas, before your lender can accelerate your loan (demand the full balance), they must provide you with a notice that gives you at least 20 days to “cure the default” (the official term for paying off the overdue amount and late fees). (more…)

By Mark Rubin|2024-01-18T09:20:09-06:00January 18th, 2024|Bankruptcy, Debt, Foreclosure in Texas, Personal Finance, Texas Bankruptcy|

Only half of Americans think they can pay off their December credit card bill

Only 51% of Americans in a recent survey were confident that they could pay off their credit card bills this month – a big increase from the same time period last year. Every month, LendingTree conducts its Credit Card Confidence Index, and the December 2023 results are the worst since the survey began in September of 2018.

According to the report released last week, a “nationally representative” survey of American credit card holders showed that 49% did not think that they would be able to pay off their credit card bills this month. Only last month, the November survey results showed that only 42% were not confident about paying their bills. The previous low point was set in June 2022. (more…)

By Mark Rubin|2024-01-02T12:12:41-06:00December 28th, 2023|Bankruptcy, Debt, Financial, Money Management, Personal Finance|

8 Holiday Shopping Tips for 2023 To Avoid Racking Up Debt

The 2023 holiday shopping season is finally upon us. Notoriously, holiday shopping is one of the largest contributors to increased credit card debt – people get in the holiday spirit and spend much more than they should.

This year, you can shop smarter and still get gifts for everyone on your list, all while avoiding additional credit card debt. With some planning and a little bit of self-control, you won’t have to worry that this year’s holiday shopping season will break the bank. To help lessen the stress of holiday shopping, we put together a list of 8 holiday shopping tips that will help you shop responsibly and avoid adding more credit card debt: (more…)

By Mark Rubin|2023-11-30T15:55:55-06:00November 29th, 2023|Personal Finance, Saving Money|

How to choose the right bankruptcy lawyer

If you’re struggling with overwhelming debt and considering bankruptcy, the biggest question in your mind is probably “Which bankruptcy lawyer should I go to?” It’s one of the most important decisions to make – filing bankruptcy will have a significant impact on your life. Bankruptcy law is very complex, with many twists and turns, and traps for the unwary. If you need to file bankruptcy, choosing the right lawyer is critical.

The simple truth is that a more experienced attorney will do a better job, which means getting you the most benefit from filing and avoiding the mistakes that someone less experienced is bound to make.

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By Mark Rubin|2024-11-01T15:15:01-05:00October 30th, 2023|Bankruptcy, Texas Bankruptcy|

Five signs that you are living beyond your means

Bankruptcy is more common than most people realize… In today’s world, it’s far too easy to accumulate overwhelming debt and lose control. While an unexpected bump in the road (like an automobile accident or loss of a job) can lead to a bankruptcy situation, many times, people start down the road to bankruptcy because they are simply living beyond their means.

If you’re spending more money than you are making, you are living beyond your means. Society pushes for instant gratification and a “you only live once” mentality – but that’s not a great strategy for handling your debts.

It does not take much to start living beyond your means, and many times, it’s the beginning of a downward spiral that cannot be stopped. Once the debt starts to multiply, it is harder and harder to find your way out of the difficult situation you’ve put yourself in.

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By Mark Rubin|2024-11-01T15:15:47-05:00September 28th, 2023|Bankruptcy|

Why do people delay filing for bankruptcy?

Whether we are in a recession or not, it is not easy to earn enough to live comfortably in today’s world. You would be surprised to learn how many Dallas-area residents struggle on a monthly basis to simply make ends meed. Adding children or additional vehicle payments to the mix make a difficult situation even tougher. All it takes is one unexpected expense to send finances (and debt) spinning out of control.

Sure, many families put money aside for unexpected expenses, they rarely have enough to cover for whatever might happen. Whether it’s an accident, the sudden loss of a job, an illness, or even a natural disaster, it does not take much to deplete any savings. Before long at all, bills start to pile up and debt starts to grow to uncontrollable levels. (more…)

By Mark Rubin|2023-08-31T17:29:34-05:00August 31st, 2023|Bankruptcy, Debt, Financial, Money Management, Personal Finance, Texas Bankruptcy|

How old do you have to be to file for bankruptcy in Texas?

We are seeing an increasing number of younger clients come in for free consultations and ask if they are old enough to file for bankruptcy. While there are government-set age limits for driving, voting, and drinking, you may be surprised to learn that there is no age restriction for bankruptcy.

In fact, the absence of an age limit for bankruptcy made the news back in 1998 when a 10-year-old in Maryland filed for Chapter 13 bankruptcy. Yes, you read that correctly – a 10-year-old filed for bankruptcy.
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By Mark Rubin|2023-07-31T09:04:19-05:00July 28th, 2023|Bankruptcy, Debt, Money Management, Texas Bankruptcy|

Busting 5 common bankruptcy myths

When potential clients call us, they are usually stressed and scared. When you are drowning in uncontrollable debt, and you’re in danger of losing your car or your house, being afraid is understandable.

When you’re scared, believing just about anything you hear is easy. There are many myths and misconceptions about bankruptcy floating around, so we thought it would be helpful to dispel some of the more common myths. So without further ado, here is the truth behind the five most common myths about bankruptcy:

1) Only bad people file for bankruptcy

Bad things happen to good people all the time. It does not take much to start a downward spiral of debt – a sudden job loss, a salary reduction, or an accident with huge medical bills might be all it takes to cause your debts to spiral out of control. Bankruptcy laws were created to give good people a fresh start – you are definitely not alone! (more…)

By Mark Rubin|2023-12-01T14:52:25-06:00June 29th, 2023|Bankruptcy|

About Mark Rubin

Chapter 7 bankruptcy and retirement accounts

1. Don’t add any more debt

Right to Notice

1) Only bad people file for bankruptcy