Dallas Bankruptcy Lawyers,Fort Worth Bankruptcy-Mark Rubin Lawyer


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The Bankruptcy Attorneys at Rubin & Associates P.C. understand the stress

experienced by individuals in the Dallas Fort Worth area who are struggling with debt. Our goal as Bankruptcy Lawyers is to find a solution to relieve your financial stress.

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Dallas Bankruptcy Lawyers,Fort Worth Bankruptcy-Mark Rubin Lawyer

  1. 1. Dallas Bankruptcy Lawyers,Fort Worth Bankruptcy-Mark Rubin LawyerAuthor : Jim KnightThe Bankruptcy Attorneys at Rubin & Associates P.C. understand the stress experienced byindividuals in the Dallas Fort Worth area who are struggling with debt. Our goal as BankruptcyLawyers is to find a solution to relieve your financial stress. AddressDallas Frisco13601 Preston Road, Suite 500E 2591 N. Dallas Parkway, Suite 300Dallas, TX 75240 Frisco, TX 75034(214) 760-7777 (214) 747-4004========================================================= Bankruptcy Your Credit Score Down the RoadBankruptcy is a proceeding in a federal court in which an insolvent debtors assets are liquidatedand the debtor is relieved of further. It is classified into two categories, liquidation andreorganization. There are four chapters in total which include from Chapter 7 to Chapter 13.Chapter 7 of the Bankruptcy Reform Act stands for liquidation, whereas Chapter 11 deals withreorganization. Bankruptcy is something which individuals try to avoid, as it devastates one’scredit and stops the borrowing channel.A lot of individuals think that paying off debts is a better option rather than filing for bankruptcy,as it affects the emotional life of the concerned individual. A feeling of regret and failure envisagesthe life of the individuals who file for bankruptcy, even several years after the filing. Beforeconsidering filling for bankruptcy people should consider their options very carefully.Firstly, the debtor should sit down with the creditor and settle a debt with them rather than fillingfor bankruptcy. If the debtor is already a few months late on the payment the negotiation processbecomes much easier. If the debtor is lagging in making payments to the creditor on time, thenthe creditor has no choice but to negotiate and bring the amount of debt payable per monthdown, in order to recover the lion share of the money owed.The debtor should turn to a consumer credit counselor if he is unsuccessful in negotiating with thecreditors. These professionals are capable of bringing down the interest rates and monthlypayments. They know very well about how to get the job done. Under the new bankruptcylegislature, the debtor has to go through credit counseling, six months before filling forbankruptcy. This is done so that the concerned individual may explore it as an alternative tobankruptcy declaration.Declaring bankruptcy also affects the credit score of an individual. In such cases most creditorsstop lending money. This is because of the severe risk of non payment that person representsbased on his or her past. Bankruptcy lowers the credit score of an individual by a full 100 points,and sometimes even more. So initially, these are the risks involved. But eventually the degree of
  2. 2. risk mitigates with time.If the creditor has got judgments against the debtor and has garnished that individual’s wages,then declaring bankruptcy could stop the wage garnishment. By adopting this process, the debtormight also get some help in retrieving the garnished money. If someone is not in possession ofany assets or the assets they own are worth very little compared to the debt they owe, then theymight consider filing for bankruptcy. Also, if the assets of the debtor are secured with a loan, thenhe or she can file for bankruptcy in order to keep the assets such as a house or a car.Every situation is unique in its own way. If the debtor is seriously considering, filling forbankruptcy, then he or she should get in touch with a consumer law attorney to discuss theirbankruptcy options. Consumer law attorney’s are professionals who review the facts of theconcerned person’s situation and then help them decide whether or not filing bankruptcy is theappropriate option for them.For more information Click Here Five Rules of Bankruptcy“Bankruptcy is a legal proceeding in which you put your money in your pants pocket and give yourcoat to your creditors.” - Joey Adams (1911-1999), American comedian, actor andauthor.Bankruptcy is one of the most difficult events one can ever face in one’s life. The inability to repayone’s debts is a heavy cross to bear, and many suffer from the moral implications of filing forbankruptcy. However, in many ways, it gives one a second chance to stand on his or her feetagain.If you have been assailed by the ongoing recession and have decided to file for bankruptcy, youneed to be aware of the following five important rules of bankruptcy:1. Know the difference between Chapter 7 and Chapter 13 bankruptcyChapters 7 and 13 of the US Bankruptcy Code are the most common forms of individualbankruptcy filings. However, there is a lot of difference between them.While the former is a liquidation process where all debts are discharged, the latter is areorganization of debt with a specified repayment plan. Also, under Chapter 7, only some propertycan be kept while the rest is liquidated, but under Chapter 13, most of the property can beretained as long as regular repayments are made. Additionally, a Chapter 7 bankruptcy remainslonger in the credit report (10 years) as compared to one filed under Chapter 13 (7 years).In 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was passed tomake Chapter 7 filings more difficult to reduce abuse of the provision. Now, the debtors income iscalculated and then the resultant figure is compared to the median income of the state where heor she resides. Only if the debtors household income falls below the median income for the statedoes the debtor qualify to file for Chapter 7 bankruptcy.2. Know which bankruptcy to file forNow that you know the difference between Chapter 7 and Chapter 13 bankruptcy, you can decidewhich chapter to file under. If you are heavily in debt with practically no assets to speak of,Chapter 7 seems to be the better option, provided you qualify under the new restrictions. On the
  3. 3. other hand, if you have temporarily fallen behind on repayments due to an unexpected event likeloss of job or medical expenses, you should opt for Chapter 13.3. Know how to file for bankruptcyOnce you’ve finalized your decision to file for bankruptcy, it is recommended you approach alawyer who deals with such cases. Although technically you can file without a lawyer, the former isa better option so that all the formalities are adhered to. You can choose between a lawyer whocharges a flat fee and one who charges a percentage of the debt.4. Know the implications of filing for bankruptcyRealize that the record of bankruptcy will remain on your credit history for 7 to 10 years, makingit extremely difficult for you to get any kind of loans. Even if you get one, the interest rate will bevery high.5. Know what to do after filing for bankruptcyAfter filing for bankruptcy, live within your means, do not incur additional debt, and make anyscheduled payments the Bankruptcy Court orders.For more information Click Here