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The Top 16 Myths About Bankruptcy

bankruptcy mythsSo – all those awful things you’ve always heard about bankruptcy… Did you know that almost all of it is completely untrue? Some of it is rumor, some of it is urban myth, and a lot of the stories are perpetuate by creditors who want you to be scared of bankruptcy.

Check out these top 16 myths about bankruptcy. Since it’s a long post, we’ve listed the myths and linked each one to its explanation.


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By |2013-08-20T10:00:23-05:00August 20th, 2013|Bankruptcy, Bankruptcy Myths|
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Chapter 13 Bankruptcy Compared To Traditional Debt Consolidation

Chapter 7 bankruptcy informationLet’s Learn About Chapter 13 Bankruptcy
(aka our ‘Debt-Survival’ plan)

Most of the bankruptcy laws are set forth in Title 11 of the United States Code, which  is divided into chapters. For instance, there is Chapter 7 (sometimes called “total bankruptcy”, but that term is misleading), Chapter 13 (sometimes loosely referred to as the “bill consolidation” version of bankruptcy or a “wage earner plan”), Chapter 12 (bankruptcy for the family farmer), and Chapter 11 (bankruptcy for huge corporations).

The 2 chapters available to most people in need of help are Chapter 7 and Chapter 13. This post is going to cover Chapter 13.

The best way to do explain Chapter 13 bankruptcy is to compare it to Chapter 7. If you’re not familiar with Chapter 7 bankruptcy, click the link to read more information.

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By |2013-08-06T22:58:55-05:00August 6th, 2013|Bankruptcy, Debt|
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Are You Eligible For Chapter 7 Bankruptcy?

Chapter 7 bankruptcy informationThe question we hear the most from our clients is always “Am I eligible for Chapter 7 bankruptcy?”

For Chapter 7 bankruptcy, the answer is usually fairly easy to determine. The bankruptcy “means test” is used to determine whether your income is low enough for you to file Chapter 7 bankruptcy. It’s a simple formula designed to keep filers with higher incomes from filing for Chapter 7 bankruptcy. If your income level is too high, you won’t be allowed to wipe out your debts with Chapter 7, but you’ll be able to use Chapter 13 bankruptcy to repay a portion of your debts.

Don’t be discouraged though – you don’t have to be penniless or even have a low level of income to qualify through the Chapter 7 means test. If you have a lot of expenses, such as a high mortgage payment, you can have a significant monthly income and still qualify for Chapter 7 bankruptcy. (more…)

By |2013-08-06T10:00:30-05:00August 6th, 2013|Bankruptcy|
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Do I Have Enough Debt To file Bankruptcy?

enough debt to file bankruptcyDo I have enough debt to file bankruptcy?

That’s a good question.

Many, if not most, of our clients eliminate a substantial amount of debt in filing a bankruptcy case.  However, this is not the only criteria.  A good number of our clients do not have any unsecured debt. They are behind on home and/or car payments and need some relief to catch these payments up.  Other clients want to rebuild their credit.  There are so many criteria in deciding whether to file a bankruptcy case that it is important to seek the advice of an experienced bankruptcy attorney who can walk you through all the different options that are available to you.

Call today for a FREE Debt Consultation.
Call toll free 214-760-7777.

By |2013-07-29T23:00:12-05:00July 29th, 2013|Bankruptcy, Debt|
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Infographic – A Generational Approach of College Student Debt in the U.S.

student-loan-infographicIt’s no secret that student loan debt is a problem in America. Tuition costs continue to skyrocket, and paired with shrinking government financial aid, student loan debt is now the number one debt problem for young Americans.

Just two weeks ago, Congress failed to stop an automatic interest rate hike for Federal Stafford Loans, which doubled interest rates from 3.4% to 6.8% – so the problem just compounded for undergrads across the country. The student loan situation looks pretty bleak for future generations as well.

We stumbled across this infographic this morning and had to share it. It shows the history of college tuition and student loan costs from the 1940’s to today. A few of the staggering stats include:  (more…)

By |2013-07-18T09:34:51-05:00July 18th, 2013|Debt, Student Loan Debt|
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The 2 Income Trap

Working ParentsTwo children, two incomes, a home with a white picket fence; it’s the quintessential American Dream. However, this American Dream has morphed into a survival regimen that many families simply cannot endure.

Parents are in worse economic shape than ever before. Married couples with children are twice as likely as childless couples to file bankruptcy. According to the authors of the book, “The Two Income Trap,” having a child is the best indicator of whether someone will end up in financial collapse. The book was written by Elizabeth Warren and Amelia Tyagi, a mother and daughter team (Harvard law professor and MBA) who did an extensive study on the nature of bankruptcy in America.

The authors maintain that the introduction of mothers into the workforce, rather than easing the financial strain of raising a family, sets their families up for financial disaster as the cost of raising children spirals out of control. More children will go through their parents’ bankruptcy than their parents’ divorce. One in seven middle-class families will file bankruptcy this year. These figures are staggering for middle class families.

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By |2013-07-15T14:16:30-05:00July 15th, 2013|Bankruptcy Statistics, Personal Finance|
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Are You Eligible For Chapter 13 Bankruptcy?

Chapter 13 bankruptcy eligibilityOne question that we hear all the time is “can I file for Chapter 13?” Chapter 13 bankruptcy has several important restrictions. If you’re looking for a solution to your debt problems, your first step is to see whether or not you legally qualify for a Chapter 13 Bankruptcy.

Businesses Cannot File for Chapter 13 Bankruptcy.
Corporations and Partnerships cannot file under Chapter 13 Bankruptcy. On the other hand, if you own a business as a sole proprietor, you can file for Chapter 13 bankruptcy as an individual and include the business-related debts for which you are personally liable.

You Must Have Stable and Regular Income.
You must have stable and regular income to be eligible for Chapter 13 bankruptcy. That does not mean you must earn the same amount every month, just that the income is steady. In other words, your income must be likely to continue and it must be periodic – weekly, monthly, quarterly, semi-annual, seasonal or even annual. Here is a list of some types of income you can use to fund a Chapter 13 plan: (more…)

By |2013-06-24T10:00:28-05:00June 24th, 2013|Bankruptcy, Debt|
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5 Reasons To File Chapter 13 Bankruptcy

reasons to file Chapter 13 bankruptcyLast week we discussed the benefits of filing Chapter 7 bankruptcy. While it has some pros, it’s not always the right fit for everybody. That’s when you look at Chapter 13 bankruptcy.

Today we’re going to explore five main reasons why people choose to file Chapter 13 bankruptcy.

1. Stop Foreclosures, Repossessions and Garnishments

The second you file Chapter 13 bankruptcy, banks and other creditors have to cease their collection efforts. That means that they can no longer foreclose on your house or repossess your vehicle.

This halt in collections can be stopped for the entire duration of the case, which can last as long as five years, whereas with a Chapter 7 bankruptcy, the creditors must only stop for a few months.

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By |2013-05-16T08:19:24-05:00May 16th, 2013|Bankruptcy, Debt, Personal Finance, Repossession|
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The Benefits of Filing Chapter 7 Bankruptcy

Chapter 7 Bankruptcy benefitsFiling for Chapter 7 bankruptcy is arguably the best plan for eliminating debt. It can wash away certain types of debt for good, cleanse you of your stress and financial worries, and free up income for your family. Best of all, it can give you a fresh start to rebuild your credit.

Here’s a more complete list of what Chapter 7 can do for you:

  • Eliminate certain types of debt permanently
  • Get rid of debt stress and worry
  • Keep and protect property you want to keep
  • Get out from under debt on property you are willing to say goodbye to
  • Stop lawsuits, creditor harassment and garnishments
  • Free up income for your family
  • Get into a position to earn more money and save
  • Let you start to rebuild your credit

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By |2012-06-19T08:00:53-05:00June 19th, 2012|Bankruptcy, Texas Bankruptcy|
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How To Get Your Free Credit Report and What To Look For

credit cardsIn 2003 the Fair and Accurate Credit Transactions Act was passed, giving you the right to get one free credit report a year from each of the three reporting agencies – Equifax, Experian and TransUnion.

How To Get Your Free Credit Report

To order your free credit report, you can call 1-877-322-8228 or visit AnnualCreditReport.com, which was set up by the three agencies in coordination with the Federal Trade Commission.

Don’t try to get a report from any other website, as many are scams that offer “free” reports, scores and other services that really have fine print. These “free” services have trial periods that automatically switch to paid services without alerting you. Other sites only want to collect your personal information. Please be careful and type in the address correctly. AnnualCreditReport.com is the only official site.

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By |2012-05-31T10:31:45-05:00May 31st, 2012|Personal Finance|
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We are a debt relief agency; our debt relief lawyers help people file for bankruptcy under the United States Bankruptcy Code.

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