Texas Bankruptcy Blog : Texas Bankruptcy Lawyer & Attorney : Fears Nachawati law Firm : Chapter 7, Chapter 13, Consumer Bankrutpcy : Dallas, Fort Worth, Austin, Houston, San Antonio

Dallas bankruptcy filing rates are far more affordable than most people think. In fact, filing for bankruptcy can save you money on your mortgage and reduce the debt owed to creditors. For example, when you file for bankruptcy in Dallas or Fort Worth (Northern District of Texas), the filing fees for a Chapter 7 and 13 are $299 and $274, respectively.

When you file for bankruptcy in Dallas and pay the filing fees your application will be reviewed by the bankruptcy court and all action by creditors will stop immediately. That means that all harassing calls and liens by creditors must end. Creditors are very well aware of the penalties they face if they continue to take action against you after they have been notified that you have filed for bankruptcy.

Filing for bankruptcy can be a very powerful solution to those in debt as it gives the time and resources to renegotiate your mortgage and other debts with your creditors while saving your home and avoiding liens on your paycheck or bank account.

For a free bankruptcy consultation contact Dallas bankruptcy law firm, Fears | Nachawati, via toll free at 1-866-705-7584 or via e-mail at info@fnlawfirm.com.

Debt collectors can be relentless in their pursuit to collect on past due bills.  The following are some tips on how to avoid being bullied by collecting agencies.  These tips were published in an article in the Dallas Morning News that can be found here. 

1.  Do not ignore the collector's calls or written communication. 

2.  Make the collector prove that you owe the debt.

3.  If a collector calls regarding a bill that has already been paid then provide proof to the collecting agency the account is already settled and paid.

4.  Do not tolerate abusive debt collectors who make threats, use foul language or repeatedly call. 

5.  Take action by submitting written notice to debt collectors to cease communication if collection calls become over the top. 

By taking these steps hopefully you can work out a plan to resolve your debt with the collection agencies in a swift manner.  If however you feel you have taken the above action and still feel stressed from collection calls and cannot seem to get caught up on your bills then you may want to speak with an Attorney regarding your options.  If so, contact Fears | Nachawati toll free at 1-866-705-7584 or via e-mail at info@fnlawfirm.com. 

The Dallas Morning News published an article recently by bankrate.com regarding 5 common financial pitfalls that individuals make in a bad economy.  The article outlines the below 5 mistakes and offers realistic solutions regarding how to avoid them.  For a link to the article click here.     

1.  Continued spending using credit cards

2.  Invading your nest egg - withdrawing money from your IRA or 401k

3.  Paying for college without applying for aid

4.  Investing inertia - long-term investment management

5.  Obtaining cash from your home

If you have found yourself in one of the above situations not realizing that they were mistakes and cannot find a solution for relief then you may want to speak to an experience attorney who can discuss your options with you.  Call us toll free at 1-866-705-7584 or e-mail us at info@fnlawfirm.com.   

This is a quick list of the things you can keep when filing for bankruptcy (Depending on the type of exemptions you qualify for and the amount of equity you have).

1.       Your house

2.       Your Car(s)

3.       Your Bank Account(s) – including Savings Accounts

4.       All Retirement Account(s) – Yes, 401ks, 403bs & IRAs.

5.       Your Personal Belongings

6.       Stocks, Bonds and Mutual Funds

7.       You’re Sanity!

Call the office anytime to find out more by dialing toll free 1-866-705-7584 or e-mailing info@fnlawfirm.com. 

One of the main reasons people are afraid to file for bankruptcy is the misleading claim by credit companies that filing for bankruptcy will ruin your credit. The reality is that the opposite is true for people who are in over their heads in debt. Filing for a Chapter 7 bankruptcy in Dallas, Texas, will erase most if not all of your debt and help give you a clean start in rebuilding your credit.

Additionally, when you have no excess credit card debt or other financial obligations there will be no more late payments on your credit report because your debt has been eliminated. And with the new credit card law, Credit CARD Act of 2009*, and careful management of your finances you should be able to rebuild your credit in a few years.

Although lenders will be able to see the bankruptcy on your credit report, they will primarily focus on the last 2-3 years of your credit history when extending credit.

For a free consultation on how Dallas bankruptcy law can help you get out of debt, contact Dallas bankruptcy law firm, Fears | Nachawati, toll free at 1-866-705-7584 or by e-mail at info@fnlawfirm.com.

*Credit CARD Act of 2009 is a federal law passed by the United States Congress and signed by President Barack Obama on May 22, 2009. Briefly, it is comprehensive credit card reform legislation that aims "...to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes."

According to Yahoo.com, Harvard Researchers conducted a study that revealed in the U.S. in 2007 that medical problems caused 62% of all personal bankruptcies filed.  Factors such as high medical costs in which families were forced to mortgage their home or medical problems causing loss of income contributed to financial turmoil.  Many families are also forced to charge medical costs on their credit cards in order to pay off expenses.  The complete story on the Harvard study can be found here. 

If you or your family are suffering from financial distress caused by medical problems then bankruptcy may be the right solution.  To schedule a free consultation with Fears | Nachawati contact us toll free at 1-866-705-7584 or via e-mail at info@fnlawfirm.com.   

There is a great article published on Yahoo.com today listing out 7 ways to essentially ruin your credit.  Many mistakes on the list are very common and can lead to a lower credit score and trouble with lenders viewing your credit report.  The article can be found here and the 7 key mistakes are listed below:

1. Close Credit Card Accounts

2. Let Credit Cards Collect Dust

3. Run Up High Balances

4. Apply for New Credit Repeatedly

5. Don't Pay Fines or Non-Credit Card Bills

6. Ignore Mistakes on Your Report

7. Make Late Payments or Skip Them Entirely 

If you believe that your credit is beyond repair and have made many of the above mistakes then bankruptcy might be the right answer for you.  Contact Fears | Nachawati for a free consultation today by calling toll free at 1-866-705-7584 or by e-mailing info@fnlawfirm.com.