Bankruptcy Myths Archives - Page 2 of 3 - Rubin & Associates

Does my spouse have to file bankruptcy with me?

One of the most common questions we hear from potential clients is “Does my spouse have to file for bankruptcy with me?” This question is especially relevant for higher-income residents in Dallas, Texas, who often manage complex financial portfolios and obligations. There is no rule requiring that a spouse also file for bankruptcy, but in certain situations, it may be benficial to do so. Let me explain the nuances so you can ease your mind and make a clear decision. (more…)

By Mark Rubin|2025-10-01T15:51:48-05:00May 22nd, 2025|Acquisitions, Bankruptcy, Bankruptcy Myths, Debt, Financial, Personal Finance, Texas Bankruptcy|

Can you file for bankruptcy during a divorce?

One of the most common questions about bankruptcy is, “Can you file for bankruptcy during a divorce?” The short answer is yes, but there are several considerations to take into account before moving forward with both legal processes simultaneously. Understanding the potential advantages and complications can help you determine the best course of action for your financial future.

Bankruptcy and divorce: two separate legal processes

Bankruptcy and divorce are both complex legal matters, and while they may overlap in certain areas, they remain distinct processes. Bankruptcy is a federal legal procedure designed to help individuals eliminate or restructure debt, while divorce is a state-level legal process that involves the division of assets, liabilities, and determining responsibilities such as spousal or child support. (more…)

By Mark Rubin|2025-10-01T15:52:42-05:00March 3rd, 2025|Bankruptcy, Bankruptcy Myths, Debt, Financial, Foreclosure in Texas, Personal Finance, Repossession, Taxes, Texas Bankruptcy, Videos|

Do I qualify for bankruptcy?

If you are asking yourself, “Do I qualify for bankruptcy?” you are not alone. Many individuals and families in the Dallas, Texas area find themselves overwhelmed by debt and are unsure whether bankruptcy is a viable option. As a bankruptcy attorney, I can assure you that everyone qualifies for bankruptcy relief. The real question is not whether you qualify, but rather which type of bankruptcy — Chapter 7 or Chapter 13 — is the best fit for your financial situation. In this post, I am going to explain the differences and help you understand how the bankruptcy process works. (more…)

By Mark Rubin|2025-10-01T15:53:45-05:00December 31st, 2024|Bankruptcy, Bankruptcy Myths, Debt, Texas Bankruptcy|

Will everyone know if I file for bankruptcy?

Filing for bankruptcy is a big decision, and one of the most common concerns is whether friends or family will know about it. The thought of others finding out can lead to feelings of embarrassment, stress, and uncertainty. At Rubin & Associates, we want you to understand the bankruptcy process fully and feel assured that there is no shame in seeking financial relief.

Bankruptcy records are public, but not easily accessible

Yes, bankruptcy filings are technically public records. However, this does not mean that your friends, family members, or neighbors will automatically know about it. For someone to access bankruptcy records, they would need to perform a specific search through online databases or government websites – and they would need to specifically search for your name. Most people do not spend their time searching for this information, and there is very little chance anyone will stumble upon it by accident. (more…)

By Mark Rubin|2025-10-01T15:54:51-05:00December 17th, 2024|Bankruptcy, Bankruptcy Myths, Debt, Texas Bankruptcy|

Is there an income limit to file for bankruptcy?

Financial struggles are more common that most people think – most Dallas-area residents are only one financial bump in the road away from out of control debt. One of the most common questions we hear in initial consultations with clients is if there is an income limit to file for bankruptcy. One of the most common misconceptions about bankruptcy is that it is only available to people with very low incomes. This simply is not true. Whether you are earning a modest salary or have a high-paying job, bankruptcy can still be a viable option for getting your finances back on track. (more…)

By Mark Rubin|2025-10-01T15:55:19-05:00November 30th, 2024|Bankruptcy, Bankruptcy Myths, Debt, Financial, Foreclosure in Texas, Money Management, Personal Finance|

How do you know if you need to file for bankruptcy?

Financial stress can be overwhelming, especially when debts start to mount and you feel like you’re struggling just to stay afloat. Many people wonder if bankruptcy might be the solution, but deciding whether or not to file for bankruptcy can be complex. It is a big decision with lasting effects, and understanding when it might be appropriate to consider bankruptcy is essential. You should always talk with an experience bankruptcy attorney – they’ll help you understand your financial picture and assist you in choosing the right path forward. you should also watch for these common signs:

You are struggling to make minimum payments on debts

One of the first indicators that bankruptcy might be worth considering is when you are unable to make the minimum payments on your credit cards, loans, or other debts. Minimum payments are usually designed to keep you in good standing with creditors, but if even these are a challenge, it could mean your debt has grown unmanageable. While this situation does not automatically mean bankruptcy is the answer, it’s often a red flag that financial assistance may be needed. (more…)

By Mark Rubin|2025-10-01T15:55:56-05:00October 30th, 2024|Bankruptcy, Bankruptcy Myths, Debt, Financial|

What is the difference between bankruptcy and debt relief?

If you are facing overwhelming debt, you likely feel like you have limited options – and you are not sure whether bankruptcy or debt relief companies are the right solution. While both paths appear to aim to help manage or eliminate debt, they are vastly different in terms of effectiveness, legal protection, and long-term outcomes. Bankruptcy is a legal process governed by federal law, providing significant protections for individuals, while debt relief companies often operate in a much more informal and less regulated environment. It is important to understand the key differences between bankruptcy and debt relief companies, so today’s post will walk you through each site and explain how they are different. (more…)

By Mark Rubin|2025-10-01T15:56:27-05:00October 16th, 2024|Bankruptcy, Bankruptcy Myths, Debt, Texas Bankruptcy, Videos|

Can you keep your property in a Chapter 7 bankruptcy?

Filing for bankruptcy can be a stressful and emotional experience, especially when it comes to wondering whether you will be able to keep your property and belongings. “Can I keep my stuff in a Chapter 7 bankruptcy?” is one of the most common questions when considering a bankruptcy proceeding. To understand the answer, it is important to understand the difference between exempt and non-exempt property under Texas bankruptcy law.

Understanding exempt and non-exempt property in Texas

When you file for Chapter 7 bankruptcy, a trustee is appointed to your case to liquidate your non-exempt assets to pay off your creditors. However, you do not have to lose everything – and often, you will not lose anything. Texas, like every other state, allows debtors to protect certain types of property using bankruptcy exemptions. The key is understanding what property is classified as “exempt” and what is “non-exempt.” (more…)

By Mark Rubin|2025-10-01T15:58:51-05:00September 13th, 2024|Bankruptcy, Bankruptcy Myths, Debt, Foreclosure in Texas, Repossession, Texas Bankruptcy, Videos|

Your Credit Score: What the Number Really Means (and What It Doesn’t)

Everyone knows that their credit score is important – but most Americans don’t understand how the scores are assessed or affected by their actions. Ideally, you want a credit score in the 700-800 range, but what does that really mean – and how do you get there?

Your credit score is calculated by one of the credit reporting agencies – EquiFax, Experian, and TransUnion. These agencies assign your credit score based on current and historical factors, and the score is an assessment of how likely it is that you’ll repay any debts that you accrue. The majority of the score is related to your past payment history and your current level of debt.

Lenders use your credit score to determine how risky it would be to lend you money. With higher credit scores, your loan terms and interest rates will be much better. If you have a lower score, you’ll be assigned a higher interest rate, since the risk is greater for the lender. If your score is low enough, you may not even be approved for the loan or credit card. (more…)

By Mark Rubin|2023-06-01T09:51:08-05:00May 25th, 2023|Bankruptcy, Bankruptcy Myths, Financial, Personal Finance|

Busting 3 Bankruptcy Myths

One of the most frustrating things about bankruptcy is that it is so misunderstood. You do not really care much about it until you are in a dire situation and need it – and then there is so much myth and misinformation, it becomes an incredibly daunting task to decide how you will proceed.

So today, we’re here to bust a few of the most common, enduring myths about bankruptcy. As always, if you are in a situation where you do not think there is any other option, please call us at 214-760-7777 – we are happy to walk you through all of your options.

Myth #1: After bankruptcy, you will have no credit for 7 to 10 years

There is no truth to the bankruptcy myth that you have to suffer through seven years with bad credit after filing bankruptcy. Bankruptcy does show on your credit report for 10 years, but even so, you can regain good credit in as little as two to three years. Our clients often have purchased cars and even qualified for mortgages only two to three years after bankruptcy. (more…)

By Mark Rubin|2025-02-28T13:21:58-06:00August 24th, 2021|Bankruptcy Myths|