Bankruptcy Archives - Page 8 of 11 - Rubin & Associates

5 Tips to Lower Your Debt

Sometimes, we talk to potential clients who are surprised when we tell them that bankruptcy might not be their best option. During every free consultation, we map out the financial picture for a potential client, then walk them through every available option.
Many times, people are overwhelmed by their mountain of debt. Someone told us recently that they felt like they were trying to dig a hole using a single chopstick. Even though it feels like a lost cause, many times you can avoid bankruptcy by using one or two of these tips:

1. Talk to your creditors

It never hurts to ask for a little help. Hopefully, you know everyone that you owe, but if you’re not sure, pull your credit report. Make a list of everyone you owe, and how much you owe each institution. Figure out how much you’re able to pay each one. Call each company you owe and tell them that you want to pay off your debt, but you’re only able to afford a certain amount. Sure, debt settlement will go on your record – but it’s better than not paying anything and letting your debt continue to spiral out of control.

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By Mark Rubin|2023-12-01T14:58:30-06:00January 31st, 2016|Bankruptcy, Debt|

5 Steps to a Financially Steady 2016

Now that 2015 is coming to a close (can you believe it?), it’s time to look forward to 2016. No one plans to let their debt get out of control – most of our clients have been good people who simply had unforseen events occur. By planning ahead and making good financial decisions, you can avoid those credit-busting bumps in the road.

The best way to avoid bankruptcy is to set a solid financial foundation and stick to your game plan. The following tips will help you plan ahead and form the right habits so that 2016 will be the year you can finally feel secure.

1. Talk about money

If you can’t dedicate the time to sit down and talk about your finances, then nothing else matters – the rest of the steps will be pointless. It’s important to talk openly about your money, so you know what’s coming in and what’s being spent. If you wait for a financial crisis, it’s probably already too late. If you sit down with your spouse and set goals together, you’re much more likely to stick to the plan you create.

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By Mark Rubin|2015-11-14T13:21:04-06:00November 14th, 2015|Bankruptcy, Personal Finance|

We’re offering a college scholarship!

Let’s face it – College is expensive, and costs continue to increase every year. We feel a responsibility to help support the Dallas area students who are interested in pursuing a career in law, so we’re proud to announce our the new Rubin & Associates college scholarship program!

If you’re a local Dallas area student and are either enrolled in college or plan to be enrolled in the fall of 2016, you’re eligible. All you have to do is write an amazing essay about why you want to be a lawyer, and what you hope to be able to contribute to society once you’ve passed the bar.

We’ll collect essays from now until April 30, 2016, and then our team will choose the winner. We’ll cut a $1,000 check right to your school – you can use it on books, living expenses, or tuition – it’s up to you!

To enter, and for the full details of the scholarship competition and disclaimers for entrants, head over to our scholarship page. Good luck to all our entrants!

By Mark Rubin|2015-09-30T11:20:33-05:00September 30th, 2015|Bankruptcy|

What College Students and Graduates Should Know About Bankruptcy

College is supposed to be an exciting time, full of hope and promises for a bright future. For most students, the real world crashes in once the college ride is over. The job market is tougher than ever before, and even when students find an amazing job, they still have thousands of dollars of student loan debt hanging over their heads.

It’s not uncommon to spend 3 or 4 times as many years paying off student loan debt as you spend in college. With student loan debt spiraling out of control the last few years, we’re getting calls from clients who are younger and younger. If you’re struggling with debt and student loans, there are a few facts you should keep straight about bankruptcy options:

1. Credit card debt is manageable – but can be discharged in bankruptcy

You’ve heard the stories about aggressive debt collection calls – credit card companies are notoriously un-friendly about debt repayment. It’s best to avoid running up large amounts of debt while you’re in college, or shortly after graduation. If you follow a few simple tips, it’s easy for 20-somethings to avoid bankruptcy. If you find that your credit card debt is out of control, it can be discharged through Chapter 7 bankruptcy.
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By Mark Rubin|2015-09-19T14:15:43-05:00September 19th, 2015|Bankruptcy, Student Loan Debt|

Bankruptcy might be closer than you think…

According to the latest US Census data (from 2010), the average family has $7,360 in revolving debt (typically, mostly credit cards). The data also shows that the average household owes $11,244 in student loans, $8,163 on automobiles, and $70,322 on a mortgage.

Total that all up, and that’s $97,089 in debt – and we know that current data shows that the average debt per family has increased.

It doesn’t take much to push a family over the edge of a downward spiral. If you’re living anywhere close to paycheck to paycheck, or if you don’t have much in savings, a single event can put you in a situation where debt skyrockets.

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By Mark Rubin|2015-08-18T17:14:11-05:00August 18th, 2015|Bankruptcy, Bankruptcy Statistics|

What happens after bankruptcy?

One of the most common questions we hear from our clients is “So – what happens AFTER bankruptcy?” Most people are so caught up in the overwhelming debt, the collection calls, and the possible repossessions or foreclosures that they don’t take the time to think about what will happen once bankruptcy gives them a fresh start.

At the end of your Chapter 7 or Chapter 13 case, you receive your discharge. Now that your financial troubles are settled, it’s time to move forward. You’ve got to start rebuilding your credit and forming solid financial habits that will keep you debt-free.

Keep a copy of your paperwork handy

It doesn’t happen often, but sometimes creditors might try to harass you to collect on a debt, even after it’s been settled by your bankruptcy case. Even though they can get in serious trouble, it does happen every once in a while. If you’ve got your paperwork handy, it’s easy to stop them cold with your discharge.

Make sure your credit report gets updated

A few months after your discharge, get a free copy of your credit report and check it out. Sometimes it takes a while for the report to get updated after your bankruptcy, but it SHOULD show that each debt included in your discharge is listed as “discharged in bankruptcy.” If you find any that still show that you owe, you can send a copy of your discharge and the schedule that shows the debt was included in your bankruptcy case. (more…)

By Mark Rubin|2015-07-28T13:07:46-05:00July 28th, 2015|Bankruptcy, Debt|

Rapper 50 Cent Files For Bankruptcy

In case you hadn’t heard yet, rapper 50 Cent has filed for bankruptcy in a Connecticut court. While the Internet has been making punchlines for the last few days since the news broke, most people don’t seem to know the details of the case.

50 Cent, whose real name is Curtis Jackson III, filed for Chapter 11 protection immediately after losing an invasion of privacy case last Friday. He had posted a sex tape on his site with his own audio commentary, and was ordered to pay $5 million in damages.

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By Mark Rubin|2015-07-20T16:42:57-05:00July 20th, 2015|Bankruptcy, Debt, Personal Finance|

Is Chapter 13 Right For You? [VIDEO]

Bad things happen to good people all the time. If You’ve hit a bump in the road and you’re struggling with overwhelming debt, Chapter 13 bankruptcy might be the answer you’ve been looking for. Our latest video walks you through the basics of a Chapter 13 filing – we can stop collection calls immediately, save your home from foreclosure and your vehicle from repossession.

Call us today at 214-760-7777 for a free, no obligation debt consultation.

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By Mark Rubin|2022-06-01T11:09:46-05:00May 28th, 2015|Bankruptcy, Debt|

5 Tips for 20-somethings to Avoid Bankruptcy

It’s never too early to start good financial habits. Most 20-somethings pay no attention to their spending habits, which can often lead to less savings and more debt.

Don’t wait too long to control your spending and save for retirement. If you start early and follow these 5 financial tips, you’ll be able to save more and make better financial decisions.

1. Don’t spend more than you earn

Make sure you pay attention to how much you earn, and spend less than that amount every month. Once you fall into the habit of spending as much as you make, you’ll find that you’re living paycheck to paycheck with no savings. Ideally, you should be saving between 3-10% of each paycheck.

2. Make saving money a habit

It’s all too easy to spend all the money you make. Even if you’re only saving a few dollars per paycheck, locking in the habit of saving is what’s important. Make saving a part of your monthly budget, so the money you’re saving isn’t an option to spend.
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By Mark Rubin|2015-04-27T15:20:32-05:00April 27th, 2015|Bankruptcy|

How Will Bankruptcy Affect Your Income Tax Refund?
How Will Bankruptcy Affect Your Income Tax Refund?

Bankruptcy, Debt, Money Management, Videos

How Will Bankruptcy Affect Your Income Tax Refund?

The most common question we hear at this time of year is “What will happen to my Income Tax Refund if I file bankruptcy?”

IF you’re filing for Chapter 7, it’s likely that your refund will be protected, as it’s considered an asset. IF you’re filing during tax season, your attorney can work with you to be sure you’re maximizing your refund. Many times, we encourage clients to file when they get their refund, as this extra money can be put towards the cost of your case.

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By Mark Rubin|2015-03-26T14:19:09-05:00March 26th, 2015|Bankruptcy, Debt, Money Management, Videos|