Texas Bankruptcy Archives - Page 3 of 4 - Rubin & Associates

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

When individuals or families find themselves overwhelmed with debt and unable to meet their financial obligations, bankruptcy can provide a legal avenue for debt relief – and a fresh start. The two most common forms of personal bankruptcy in the United States are Chapter 7 and Chapter 13 bankruptcy. While both options are designed to help individuals manage or eliminate their debts, they differ significantly in terms of process, qualifications, and outcomes. (more…)

By Greg Gifford|2025-10-01T15:59:06-05:00September 25th, 2024|Bankruptcy, Debt, Financial, Personal Finance, Texas Bankruptcy|

Can you keep your property in a Chapter 7 bankruptcy?

Filing for bankruptcy can be a stressful and emotional experience, especially when it comes to wondering whether you will be able to keep your property and belongings. “Can I keep my stuff in a Chapter 7 bankruptcy?” is one of the most common questions when considering a bankruptcy proceeding. To understand the answer, it is important to understand the difference between exempt and non-exempt property under Texas bankruptcy law.

Understanding exempt and non-exempt property in Texas

When you file for Chapter 7 bankruptcy, a trustee is appointed to your case to liquidate your non-exempt assets to pay off your creditors. However, you do not have to lose everything – and often, you will not lose anything. Texas, like every other state, allows debtors to protect certain types of property using bankruptcy exemptions. The key is understanding what property is classified as “exempt” and what is “non-exempt.” (more…)

By Mark Rubin|2025-10-01T15:58:51-05:00September 13th, 2024|Bankruptcy, Bankruptcy Myths, Debt, Foreclosure in Texas, Repossession, Texas Bankruptcy, Videos|

Which rights do you have during a foreclosure?

With foreclosures in the Dallas area on the rise, we are hearing more and more questions about the rights that homeowners have during the foreclosure process. Foreclosure is obviously a challenging and confusing time, and understanding your rights is crucial for navigating the process effectively. Since we know more people are searching for these answers, I wanted to outline the key rights you have as a homeowner in Texas during foreclosure.

Right to Notice

Notice Before Acceleration: In Texas, before your lender can accelerate your loan (demand the full balance), they must provide you with a notice that gives you at least 20 days to “cure the default” (the official term for paying off the overdue amount and late fees). (more…)

By Mark Rubin|2024-01-18T09:20:09-06:00January 18th, 2024|Bankruptcy, Debt, Foreclosure in Texas, Personal Finance, Texas Bankruptcy|

How to choose the right bankruptcy lawyer

If you’re struggling with overwhelming debt and considering bankruptcy, the biggest question in your mind is probably “Which bankruptcy lawyer should I go to?” It’s one of the most important decisions to make – filing bankruptcy will have a significant impact on your life. Bankruptcy law is very complex, with many twists and turns, and traps for the unwary. If you need to file bankruptcy, choosing the right lawyer is critical.

The simple truth is that a more experienced attorney will do a better job, which means getting you the most benefit from filing and avoiding the mistakes that someone less experienced is bound to make.

(more…)

By Mark Rubin|2024-11-01T15:15:01-05:00October 30th, 2023|Bankruptcy, Texas Bankruptcy|

Why do people delay filing for bankruptcy?

Whether we are in a recession or not, it is not easy to earn enough to live comfortably in today’s world. You would be surprised to learn how many Dallas-area residents struggle on a monthly basis to simply make ends meed. Adding children or additional vehicle payments to the mix make a difficult situation even tougher. All it takes is one unexpected expense to send finances (and debt) spinning out of control.

Sure, many families put money aside for unexpected expenses, they rarely have enough to cover for whatever might happen. Whether it’s an accident, the sudden loss of a job, an illness, or even a natural disaster, it does not take much to deplete any savings. Before long at all, bills start to pile up and debt starts to grow to uncontrollable levels. (more…)

By Mark Rubin|2023-08-31T17:29:34-05:00August 31st, 2023|Bankruptcy, Debt, Financial, Money Management, Personal Finance, Texas Bankruptcy|

How old do you have to be to file for bankruptcy in Texas?

We are seeing an increasing number of younger clients come in for free consultations and ask if they are old enough to file for bankruptcy. While there are government-set age limits for driving, voting, and drinking, you may be surprised to learn that there is no age restriction for bankruptcy.

In fact, the absence of an age limit for bankruptcy made the news back in 1998 when a 10-year-old in Maryland filed for Chapter 13 bankruptcy. Yes, you read that correctly – a 10-year-old filed for bankruptcy.
(more…)

By Mark Rubin|2023-07-31T09:04:19-05:00July 28th, 2023|Bankruptcy, Debt, Money Management, Texas Bankruptcy|

Recent Testimonials for Rubin & Associates

We can talk all day long about our experience helping local Dallas residents get a fresh start through bankruptcy, but sometimes our clients say it better than we do.

Here are a few of the notes and emails we’ve received from our clients:

God Bless You –

Thank all of you for being there to see me through it, from day one until the last day.

Thank you, thank you!

– Barbara

Mark,

I wanted to thank you for taking time to meet with me in person on Tuesday 4/5. I now have a better understanding of the issues with my case. It was important to me to be able to do this, and I can’t thank you enough. Even though I’m aware that the Chapter 13 was the right decision for me, I still have some anxiety about the unknown. You answered all my questions and broadened my understanding of how these things work. It can be very complicated for a lay-person, and I appreciate your plain English.

I’m glad I have you representing me!

Thanks again,

Joey

Thank you so much… PRAISE GOD and Mark Rubin and Associates!!! A HUGE SPECIAL THANK YOU TO KELLI JOHNSON – now it bought me time… I’ve got connection to guy/friend who does home equity loans for those that are challenged. Says he should be able to get it done for me for 50-60k. I’d pay off bankruptcy stuff with it – what do I need to start doing or do is my next question? THANKS AGAIN MY ANGEL KELLI

Craig

By Mark Rubin|2022-06-01T11:05:43-05:00May 12th, 2022|Texas Bankruptcy|

Should I File For Bankruptcy?
Should I File For Bankruptcy?

Bankruptcy, Personal Finance, Texas Bankruptcy

Should I File For Bankruptcy?

Filing for bankruptcy is a huge decision, and usually it has to be made under pretty extreme stress. Your circumstances are unique – so the best way to know if you should file is to call us at 214-760-7777 for a free consultation. The pandemic and ensuing lockdowns have made the situation even more stressful for many DFW area residents. This post will help answer a few high level questions, but it is always better to talk to an expert to get answers about your specific situation.

In general, these are a few of the most important questions to consider before filing for bankruptcy:

Can you pay back your debts outside of bankruptcy?
Are creditors suing you to collect their debts?
Are you facing foreclosure or repossession of your property?
How much property do you own?

Can you pay back your debts outside of bankruptcy?

Before you decide to file for bankruptcy, think about the types of debt you are trying to eliminate – and consider whether you can pay off those debts outside of bankruptcy. For example, if your main struggle is credit card debt, determine whether you can really afford to pay it off. If you make enough money to pay back your credit cards, you could consider consolidation, where you combine them into a single loan or settle your debt with the credit card company. (more…)

By Mark Rubin|2021-05-25T16:27:55-05:00May 25th, 2021|Bankruptcy, Personal Finance, Texas Bankruptcy|

Filing bankruptcy because of the coronavirus

Over the last month, over 22 million Americans filed for unemployment because of the shelter in place orders that have been put in place to slow the spread of the novel coronavirus. Many small businesses have been absolutely crushed by the forced closure, and those that were able to pivot and provide modified services are still hurting due to the drastically reduced demand. If people aren’t leaving their homes, they’re simply not buying.

The number of jobless Americans is expected to continue to grow at an exponential rate. A research paper released in late March by the St. Louis Federal Reserve estimated that we could hit an unemployment rate as high as 32% – that’s about 47 million Americans.

That’s an almost mind-boggling number of people who won’t be able to pay their mortgage, rent, or other bills – let alone buy groceries and other essentials. It’s been estimated that over half of Americans have already lost some income due to the lockdown.

Federal, state, and local governments are working hard to provide financial safety nets – the Payroll Protection Program was rolled out and quickly depleted. Mortgage lenders and automotive finance companies are deferring payments, and if you meet the requirements, you’ll receive a federal stimulus check. Unfortunately, for the millions out of work, the government stimulus check simply won’t be enough to keep them afloat.

What should you do if you’ve been laid off?

Your first step should be looking at your budget. Figure out what you can do to save money immediately. Talk to your creditors, most will try to assist you if you’ve been laid off during the pandemic. Most mortgage, car, and credit card payments can be deferred. Student loans can be deferred as well. Many cities across the country have prohibited utility shut-offs – but skipping utility bills could lead to massive debt later down the road.

Once you’ve spoken to your creditors, you’ll have a better picture of your financial obligations. If you’ve got enough in savings, that might be enough to get you through the lockdown – but you’ll need to pay attention to how much you need to spend on essentials. You might be able to last longer by deferring non-essential bills and paying your minimum amount on others.

If you’re already at the point where the money has run out, or will run out in the near future, give us a call at 214-760-7777 – we’re happy to talk through your financial picture and let you know what your options are. It’s a free, no-pressure consultation – we’re not going to force you to file for bankruptcy, and in fact, might advise against it if there are better options on the table.

What will COVID bankruptcy look like?

If bankruptcy is inevitable, you’ll end up filing for either Chapter 7 or Chapter 13.

Chapter 7 bankruptcy allows you to wipe out your debts permanently, with no obligation to ever pay them back. Chapter 7 is best for individuals who aren’t able to pay back a significant portion (or all) of their debt. Typically, this is best when there’s a massive amount of credit card debt or a huge medical debt.

Chapter 13 bankruptcy is more of a reorganization of your debts. If you’ve got a regular income stream and have simply fallen behind, Chapter 13 is a better option. A plan is created to repay all (or most) of your debt with installment payments.

For both types of bankruptcy, you’d typically have to meet with an attorney and then go to court to get a judge to approve your case. During the COVID lockdown, everything can be done online. We can do everything over the phone or through virtual meetings, and the courts are allowing cases to be filed virutally so social distancing can still be observed.

If you’ve lost your job or been furloughed due to the coronavirus and you’re falling behind on bills, call us at 214-760-7777 – we’re here to help! Even if bankruptcy isn’t right for your situation, we’ll help point you in the right direction to help with your finances and plan for your future.

By Mark Rubin|2020-04-24T11:48:31-05:00April 24th, 2020|Bankruptcy, Texas Bankruptcy|

What Happens With a Dismissed Bankruptcy?
What Happens With a Dismissed Bankruptcy?

Bankruptcy, Texas Bankruptcy

What Happens With a Dismissed Bankruptcy?

There are several reasons that a bankruptcy case can be dismissed. The Bankruptcy Code allows most dismissed cases to be re-filed at any time, and most importantly – the debts that were included in the original case are not barred from discharge.

It’s important to note – once a bankruptcy case is dismissed, the automatic stay ends immediately, which means creditors are allowed to renew their collection attempts. Any liens or transactions avoided by the bankruptcy case are also reinstated.

It’s important to have an experienced bankruptcy attorney in your corner to help navigate the complicated waters of bankruptcy law. We always help our clients understand every aspect of their bankruptcy case, including what happens if their case is dismissed.

(more…)

By Mark Rubin|2014-08-30T04:11:10-05:00August 30th, 2014|Bankruptcy, Texas Bankruptcy|