Dallas bankruptcy blog

Only half of Americans think they can pay off their December credit card bill

Only 51% of Americans in a recent survey were confident that they could pay off their credit card bills this month – a big increase from the same time period last year. Every month, LendingTree conducts its Credit Card Confidence Index, and the December 2023 results are the worst since the survey began in September of 2018.

According to the report released last week, a “nationally representative” survey of American credit card holders showed that 49% did not think that they would be able to pay off their credit card bills this month. Only last month, the November survey results showed that only 42% were not confident about paying their bills. The previous low point was set in June 2022. (more…)

By Mark Rubin|2024-01-02T12:12:41-06:00December 28th, 2023|Bankruptcy, Debt, Financial, Money Management, Personal Finance|

8 Holiday Shopping Tips for 2023 To Avoid Racking Up Debt

The 2023 holiday shopping season is finally upon us. Notoriously, holiday shopping is one of the largest contributors to increased credit card debt – people get in the holiday spirit and spend much more than they should.

This year, you can shop smarter and still get gifts for everyone on your list, all while avoiding additional credit card debt. With some planning and a little bit of self-control, you won’t have to worry that this year’s holiday shopping season will break the bank. To help lessen the stress of holiday shopping, we put together a list of 8 holiday shopping tips that will help you shop responsibly and avoid adding more credit card debt: (more…)

By Mark Rubin|2023-11-30T15:55:55-06:00November 29th, 2023|Personal Finance, Saving Money|

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.

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

Five signs that you are living beyond your means

Bankruptcy is more common than most people realize… In today’s world, it’s far too easy to accumulate overwhelming debt and lose control. While an unexpected bump in the road (like an automobile accident or loss of a job) can lead to a bankruptcy situation, many times, people start down the road to bankruptcy because they are simply living beyond their means.

If you’re spending more money than you are making, you are living beyond your means. Society pushes for instant gratification and a “you only live once” mentality – but that’s not a great strategy for handling your debts.

It does not take much to start living beyond your means, and many times, it’s the beginning of a downward spiral that cannot be stopped. Once the debt starts to multiply, it is harder and harder to find your way out of the difficult situation you’ve put yourself in.

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By Mark Rubin|2024-11-01T15:15:47-05:00September 28th, 2023|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.
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By Mark Rubin|2023-07-31T09:04:19-05:00July 28th, 2023|Bankruptcy, Debt, Money Management, Texas Bankruptcy|

Busting 5 common bankruptcy myths

When potential clients call us, they are usually stressed and scared. When you are drowning in uncontrollable debt, and you’re in danger of losing your car or your house, being afraid is understandable.

When you’re scared, believing just about anything you hear is easy. There are many myths and misconceptions about bankruptcy floating around, so we thought it would be helpful to dispel some of the more common myths. So without further ado, here is the truth behind the five most common myths about bankruptcy:

1) Only bad people file for bankruptcy

Bad things happen to good people all the time. It does not take much to start a downward spiral of debt – a sudden job loss, a salary reduction, or an accident with huge medical bills might be all it takes to cause your debts to spiral out of control. Bankruptcy laws were created to give good people a fresh start – you are definitely not alone! (more…)

By Mark Rubin|2023-12-01T14:52:25-06:00June 29th, 2023|Bankruptcy|

Your Credit Score: What the Number Really Means (and What It Doesn’t)

Everyone knows that their credit score is important – but most Americans don’t understand how the scores are assessed or affected by their actions. Ideally, you want a credit score in the 700-800 range, but what does that really mean – and how do you get there?

Your credit score is calculated by one of the credit reporting agencies – EquiFax, Experian, and TransUnion. These agencies assign your credit score based on current and historical factors, and the score is an assessment of how likely it is that you’ll repay any debts that you accrue. The majority of the score is related to your past payment history and your current level of debt.

Lenders use your credit score to determine how risky it would be to lend you money. With higher credit scores, your loan terms and interest rates will be much better. If you have a lower score, you’ll be assigned a higher interest rate, since the risk is greater for the lender. If your score is low enough, you may not even be approved for the loan or credit card. (more…)

By Mark Rubin|2023-06-01T09:51:08-05:00May 25th, 2023|Bankruptcy, Bankruptcy Myths, Financial, Personal Finance|

Bankruptcy Do’s and Don’ts

If you’re on our site, you’re either considering bankruptcy or in the process of filing. Don’t be intimidated – we help tons of Dallas-Fort Worth area families just like you with bankruptcy cases every year. It’s an unfortunate truth of life – sometimes bad things happen to good people.

Sometimes, all it takes is one financial bump in the road – an unexpected job loss, a salary reduction, or a large medical expense – and you’ll be forced to file for bankruptcy. The bankruptcy laws were put in place for just this reason… Everyone deserves a fresh start.

You’ll definitely want to consult with your bankruptcy attorney once you’ve decided to file, but these are a few guidelines that can help you prepare for your bankruptcy. We’ve shared several tips to help you get ready to file, so you’ll have a better understanding when you discuss your situation with your attorney.

Things to do before filing for bankruptcy

1. Take a deep breath and try to relax. Filing for bankruptcy is a scary process, and most people are incredibly stressed out from the overwhelming debt and relentless calls from debt collectors. Your bankruptcy attorney is there to help you through the process. They’ll help explain the process so you understand what’s happening and what’s coming in the future. Take a deep breath and think about how much better your life will be once you have a clean slate. (more…)

By Mark Rubin|2023-05-01T11:02:43-05:00April 20th, 2023|Bankruptcy|

US Credit Card Debt Hits All-Time High – What Does That Mean For You?

Credit card debt in the United States hit a record high at the end of 2022, topping out at almost $1 trillion for the first time ever. During the last quarter of the year, delinquencies were growing at a faster and faster rate. The Federal Reserve Bank of New York released data that showed overall balances growing by $61 billion over the last three months of 2022 – with a grand total of $986 billion for Q4. This was the largest increase over a single quarter since the bank started tracking changes in 1999. (more…)

By Mark Rubin|2023-12-01T14:54:35-06:00March 20th, 2023|Bankruptcy, Debt, Financial, Personal Finance|

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