Our bankruptcy attorneys have spent decades helping people in the Dallas area through difficult financial times. It does not take much to cause an uncontrollable downward spiral of debt – job loss, unexpected illness, severe injury, and even divorce can change your financial picture quickly.

Unfortunately, those unforeseen disasters can sometimes happen more than once to the same person. We often hear people ask if it’s allowed to file for bankruptcy more than once, and many people are surprised to hear that it is definitely allowed. There is actually no established limit for how many times you can file for bankruptcy. However, multiple bankruptcy filings can result in different rules and timelines. (more…)

When filing for bankruptcy in the Dallas area, whether under Chapter 7 or Chapter 13, it is crucial to understand how retirement accounts are treated, as this can significantly impact your financial planning and future security. Bankruptcy laws provide certain protections for retirement accounts to ensure that individuals have resources available for their retirement years, despite undergoing financial distress.

Chapter 7 bankruptcy and retirement accounts

In a Chapter 7 bankruptcy, also known as liquidation bankruptcy, a debtor’s assets are sold off to pay creditors. However, most retirement accounts are exempt from this process, since they are safeguarded by federal bankruptcy laws. This means that 401(k)s, 403(b)s, profit-sharing, and IRAs (both Roth and traditional) are protected up to a certain amount. The exemption for IRAs is indexed for inflation and offers significant protection for individuals’ retirement savings. (more…)

For many Americans, debt is a way of life. When that debt continues to pile up, many people think that filing for bankruptcy is the only way to solve their financial problems. While bankruptcy can definitely help erase debts and start you on a fresh path,  it’s not always your only option. Many times, your financial situation might not be as hopeless as you think it is.

You should start by looking at your overall debt situation and assessing the status. If you’re not too far gone yet, these four tips can help you reduce your debt load and avoid bankruptcy. They’ll take time and dedication, but with some patience and hard work, you’ll be able to climb out of your financial hole and start over again.

1. Don’t add any more debt

When your debt spirals to the point where you can no longer pay it off, bankruptcy becomes your only option. The trick is to stop the downward spiral before it’s too late. Don’t add any more debt to your current load – no new loans, no new credit cards… nothing. If you need extra money, consider selling a few minor assets instead of taking out a loan or opening a new credit card.
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The Great Recession hit America hard from December of 2007 to the middle of 2009, millions of US residents lost their livelihoods and homes. It was the worst economic downturn since the 1930s and the Great Depression, and it took almost a decade for the labor market to fully recover.

There are very few people still alive who remember the Great Depression, so the recession in 2008 is the only true recession that most Americans have experienced. Sure, we hit a downturn when COVID restrictions locked everything down in 2020, but that was not a true recession.

Because most people have only experienced the recession of 2008, all of the predictions of a “major” recession in 2022 have most of the population freaking out – but recessions are a perfectly normal part of business cycles. Many economists agree that a worst-case scenario is not likely in 2022. (more…)