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5 Tips to Improve Your Credit After Bankruptcy
5 Tips to Improve Your Credit After Bankruptcy

Bankruptcy, Money Management

5 Tips to Improve Your Credit After Bankruptcy

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:

1. Start with your credit report

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…)

By Mark Rubin|2014-05-15T11:04:20-05:00May 15th, 2014|Bankruptcy, Money Management|

Eliminating Tax Debt With Bankruptcy
Eliminating Tax Debt With Bankruptcy

Bankruptcy, Debt, Texas Bankruptcy

Eliminating Tax Debt With Bankruptcy

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.

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By Mark Rubin|2014-04-15T09:57:30-05:00April 15th, 2014|Bankruptcy, Debt, Texas Bankruptcy|

What happens to your tax refund in bankruptcy?
What happens to your tax refund in bankruptcy?

Bankruptcy, Texas Bankruptcy

What happens to your tax refund in bankruptcy?

The people who file for bankruptcy during tax season always ask us what happens to their tax refund. Does they still get it, or is it lost?

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.

Tax refunds and Chapter 7 Bankruptcy

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.

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By Mark Rubin|2014-03-25T21:21:57-05:00March 25th, 2014|Bankruptcy, Texas Bankruptcy|

Filing Bankruptcy Without An Attorney
Filing Bankruptcy Without An Attorney

Bankruptcy

Filing Bankruptcy Without An Attorney

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.

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By Mark Rubin|2014-03-12T13:19:57-05:00March 12th, 2014|Bankruptcy|

Dallas Bankruptcy Attorney Radio Ad
Dallas Bankruptcy Attorney Radio Ad

Bankruptcy, Debt, Videos

Dallas Bankruptcy Attorney Radio Ad

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.

By Mark Rubin|2013-11-12T10:05:08-06:00November 12th, 2013|Bankruptcy, Debt, Videos|

1-800 Lawyers Commercial

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

By Mark Rubin|2013-10-28T21:00:34-05:00October 28th, 2013|Bankruptcy, Videos|

When Will You Get Your Chapter 7 Discharge?
When Will You Get Your Chapter 7 Discharge?

Bankruptcy

When Will You Get Your Chapter 7 Discharge?

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.

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By Mark Rubin|2013-10-17T15:31:09-05:00October 17th, 2013|Bankruptcy|

The Top 16 Myths About Bankruptcy

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.

Myth 1: Under the new bankruptcy law, there is no more help
Myth 2: Everyone will know you have filed for bankruptcy
Myth 3: You will lose everything you have
Myth 4: You will never be able to own anything again
Myth 5: You will never get credit again
Myth 6: Filing bankruptcy will hurt your credit for 10 years
Myth 7: If you’re married… both you and your spouse have to file for bankruptcy
Myth 8: It’s really hard to file for bankruptcy
Myth 9: Only deadbeats file for bankruptcy
Myth 10: Filing bankruptcy means you’re a bad person
Myth 11: Filing for bankruptcy will hurt your credit
Myth 12: Even if you file for bankruptcy, creditors will still harass you and your family
Myth 13: If you file for bankruptcy, it may cause more family troubles and may even lead to divorce
Myth 14: You can’t get rid of back taxes through bankruptcy
Myth 15: You can only file once for bankruptcy protection
Myth 16: You can pick and choose which debts and property to list in your bankruptcy

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By Mark Rubin|2013-08-20T10:00:23-05:00August 20th, 2013|Bankruptcy, Bankruptcy Myths|

Chapter 13 Bankruptcy Compared To Traditional Debt Consolidation
Chapter 13 Bankruptcy Compared To Traditional Debt Consolidation

Bankruptcy, Debt

Chapter 13 Bankruptcy Compared To Traditional Debt Consolidation

Let’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 Mark Rubin|2013-08-06T22:58:55-05:00August 6th, 2013|Bankruptcy, Debt|

Are You Eligible For Chapter 7 Bankruptcy?
Are You Eligible For Chapter 7 Bankruptcy?

Bankruptcy

Are You Eligible For Chapter 7 Bankruptcy?

The 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 Mark Rubin|2013-08-06T10:00:30-05:00August 6th, 2013|Bankruptcy|