Latest on the Bankruptcy Blog

Bankruptcy helps a lot of people eliminate their debt, or catch up and reorganize their debt to make it more manageable. There are limitations to what bankruptcy can actually do for you. Secured Debt Bankruptcy cannot eliminate certain types of secured debt. If you plan to keep your home or car, you will have to  … Read more

State laws govern financial obligations within the state, medical bills, and leases for example. When a debtor seeks bankruptcy protection, federal law overrides state law. Federal law provides a uniform law on the subject of bankruptcies throughout the United States. While bankruptcy laws are usually under federal jurisdiction, some states give you the option to  … Read more

Having a co-debtor situation usually occurs when one person’s income is not enough for the loan. The co-signer lends their name to the loan as an assurance that the debt will be paid. When you have a co-debtor for a loan and the original signer defaults on the loan, the co-debtor becomes responsible for the  … Read more

Losing your home to foreclosure could have many adverse effects on you and your family. Once you have gone through a foreclosure, you may have trouble finding a new place to live or getting a loan in the future when your finances are more favorable to making house payments. Foreclosures can also negatively impact neighborhoods  … Read more

Millions of Texans take out payday loans per year. Consequently, countless individuals become unintentionally trapped in an endless payday loan cycle. Payday loans can be especially difficult to escape for the numerous individuals who live paycheck-to-paycheck. If you ever wondered how to get out of a payday loan, there are additional figures along with suggestions  … Read more

Dallas, Texas-based Payless ShoeSource Inc., an American discount footwear retailer, has announced plans to file for Chapter 11 bankruptcy only two years after its first Chapter 11 reorganization. In its first Dallas bankruptcy in 2017, Payless planned to shed 400 or so underperforming stores to remain viable. Now, however, the national shoe retailer is planning  … Read more

The moment the clerk stamps your petition when you file for bankruptcy with the courts, the “automatic stay” goes into effect. What this means is that creditors can not make any attempts to contact you regarding your debt during the entire bankruptcy process. Phone Calls Some lenders or third party collection agencies operating under the  … Read more

Most people aren’t eager to file bankruptcy, and the decision to file should come only after you have exhausted all other reasonable possibilities. Furthermore, you should file bankruptcy only after talking to a Dallas bankruptcy attorney. The time to consider bankruptcy is when you are unable to make the minimum payments on your debt. Once  … Read more