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4 Scary Ways to Damage Your Debt

5 scary things that can damage your creditIt is Halloween this weekend, so we had to share something scary here on the blog… and this time, we are sharing 4 Scary Ways to Damage Your Debt. Let’s face it – nothing is scarier than overwhelming debt that spirals out of control.

If you are not careful about how you spend your hard-earned money, and even how you conduct transactions online, you can easily start down the path to crushing debt. Today’s post is going to examine the 4 most horrifying ways you can head down a scary financial path.

1. Hackers and scammers

Digital thieves have become incredibly creative – you need to be extremely careful whenever you provide your credit card number to ANY online service. Charities are a common ploy, so make sure you do research on a charity before you make a donation – especially if you are solicited at your front door or over the phone.

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By |2021-10-29T12:44:53-05:00October 29th, 2021|Bankruptcy, Debt, Money Management|

6 Tips For Avoiding Bankruptcy

tips for avoiding bankruptcyThe proliferation of credit cards and the “gotta have it now” American lifestyle have lead to a problem: for many Americans, living with debt is par for the course. The changes in America’s financial landscape due to COVID and resulting lockdowns have only made things worse. In many cases, debt spirals out of control until filing for bankruptcy appears to be the only way out.

Most of our clients are regular, hard-working DFW-area residents who simply hit an unexpected bump in the road. Whether it was the loss of a job, reduction in wages, or an accident, a single speed bump on the road of life can send you in a completely different direction.

Once you start living on credit and spending more than you can afford to pay off, the debt multiplies quickly until it seems like there’s no escape. (more…)

By |2021-09-26T14:26:16-05:00September 26th, 2021|Bankruptcy, Debt, Personal Finance|

Considering bankruptcy? Follow these 4 tips

4 bankruptcy tipsMost of our clients come to us, struggling with massive debts that have spun out of control. One unforeseen bump in the road (a sudden job loss, an accident, a medical condition) is all it takes to send most families into a downward debt spiral. We have shared lots of tips in the past for avoiding debt, but it is also important to get advice from a financial advisor or bankruptcy attorney before you decide to file.

According to John Rao, a bankruptcy attorney with a Boston-based consumer advocacy group, you should “first explore opportunities to resolve problems outside of bankruptcy. Bankruptcy isn’t going to help everyone.”

Typically, you will want to consider bankruptcy if:

  • Most of your debt is “unsecured” (such as credit card bills or medical bills)
  • You are hounded by calls from collection agencies at home and at work
  • You have had wages garnished or your bank account frozen after a judgement
  • You have been sued

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By |2021-07-19T11:17:21-05:00July 19th, 2021|Bankruptcy, Debt|

Should you keep your car after bankruptcy?

should-you-keep-your-car-after-bankruptcyIt’s a question we hear all the time – after a client files their bankruptcy case, they ask us “Should I keep my car?”

Many times, if you’re filing for bankruptcy, you’ve been struggling with debt for quite a while, so it’s likely that you were behind on car payments. Now that the bankruptcy case is filed, you’re wondering if keeping the car is a good choice to make.

In most cases, your car is an absolute necessity – you’ve got to use it to get to work, or to handle everyday errands. In some cases though, the amount owed on your auto loan might not make sense after your bankruptcy case.

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By |2022-06-01T11:03:11-05:00March 28th, 2021|Bankruptcy, Debt|

7 Tips for Saving Money and Avoiding Debt

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As we’ve mentioned in the past, the easiest way to avoid bankruptcy is to avoid accruing debt in the first place. Millions of Americans live with thousands of dollars in debt, and a single bump in the road like a car accident or the loss of a job can send them spiraling towards uncontrollable debt.

The sooner you form responsible spending habits, the sooner you’ll build a solid foundation that will help avoid the possibility of bankruptcy. If you follow these 7 simple tips, you’ll be able to save money and avoid accumulating debts that you struggle to pay off.

1. Plan all of your meals

Eating out is the biggest monthly expense in most households. If you plan all of your meals each week and cook at home, you’ll save money – and you’ll probably eat healthier as well.

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By |2019-09-28T16:37:15-05:00September 28th, 2019|Bankruptcy, Debt, Saving Money|

5 Tips to Lower Your Debt

help with avoiding increasing debtSometimes, 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 |2023-12-01T14:58:30-06:00January 31st, 2016|Bankruptcy, Debt|

What happens after bankruptcy?

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

Rapper 50 Cent Files For Bankruptcy

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

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