Call us today for a FREE debt consultation: 214-760-7777
Obviously, this is the most common question we hear from potential clients. Bankruptcy can be intimidating if you don’t know what’s involved – and that’s why we provide free consultation calls to everyone. Everyone who calls gets to talk to Mark, and he’ll take the time to listen to your financial situation and explain your options.
Many of our clients are curious about what happens to their credit scores after they file for bankruptcy. In many cases, their scores have already decreased pretty drastically, since their financial hardship made it difficult or impossible to make monthly payments.
Most people think that filing for bankruptcy will destroy their credit indefinitely, but it’s actually not that difficult to repair your credit after filing. As long as you keep your goal in mind and stick to your plan, you’ll be able to rebuild your credit.
A bankruptcy can remain on your credit report for up to 10 years, so it’s important to follow these steps to start building your credit after bankruptcy:
You won’t know where you’re going if you don’t know where you are. Get a copy of your credit report so you fully understand your current score. You can get a free copy of your credit report every year from the big players (Equifax, Experian, and TransUnion) at the annualcreditreport.com website. Make sure you check for any errors. (more…)
It’s tax day, and that means many Americans are finding out that they owe even more money, thanks to the IRS. We always get questions at this time of year about how filing for bankruptcy will affect a family finances. In our last blog post, we discussed what can happen with any potential tax refunds during bankruptcy, and this time, we’re going to discuss how filing will affect a tax debt.
Even though the government tightened bankruptcy laws back in 2005, you still have the ability to relieve a tax burden. It’s important to meet with a qualified bankruptcy attorney first, so you can walk through the details of your situation and fully understand the possible tax implications or relieve you might receive.
Most of the time, if you’re in Chapter 7 bankruptcy, you’re able to protect your tax refund. Unfortunately for those in Chapter 13, saving your refund isn’t as likely.
When you file for Chapter 7 bankruptcy, your tax refund is considered an asset – whether you’re received it or not. Just like your other assets, if your tax refund is “exempt,” it can’t be touched by the trustee. The amount of your refund that’s exempt will very from state to state, depending on the state allowed amounts. You might even be able to use the wildcard exemption (which can be used to protect any asset) if your state doesn’t have laws regarding the exemption of tax refunds.
Filing for bankruptcy can be a confusing process. Many people struggle financially, and when the debt becomes overwhelming, they’re unsure of how to go about getting out of debt. Filing for bankruptcy can erase debt and provide a fresh start.
Incredibly, some people ask about filing for bankruptcy without a lawyer. Anyone can file for bankruptcy without an attorney, but it’s an incredibly complicated process, and we’d never suggest any such attempt.
Please – if you have questions about filing for bankruptcy or would like to know why you really need to have an experienced lawyer in your corner, call us for a free consultation at 214-760-7777.
Feeling overwhelmed by credit card debt? Are medical bills piling up? Call Mark Rubin today at 214-760-7777 for a free consultation. He’ll listen to your situation, then walk you through all of your options.
Here’s another one of our recent radio commercials. We’ve helped thousands of Dallas families get a fresh start through bankruptcy – we can help you too! Call us today for your free consultation and we’ll answer all of your questions
Why do most people file for bankruptcy? To wipe out their debts. Bad things happen to honest, hard working people, and bankruptcy can be just what’s needed to get a fresh start.
Obviously, it’s an unfamiliar process to most people. We’ll often get nervous phone calls from clients after they Chapter 7 cases have been filed because they haven’t heard anything about their discharge.
It’s important to remember the standard case timelines and time limits set down by the law. A “meeting of creditors” usually takes place about a month after the bankruptcy case is filed. After the meeting happens, the creditors and bankruptcy trustees have 60 days to object to the discharge. Add that all together, and you’re looking at about three months until the discharge occurs. Typically, a Chapter 7 bankruptcy case in Dallas takes about 4 months.
Have you heard one of our commercials on the radio? Our Dallas bankruptcy attorneys have helped thousands of local people save their property… Here are a few of our most recent radio spots:
So – 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.