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

Chances are that by the time you are reading this article you have made unsuccessful attempts to negotiate an extension on your car payments. There is no need to lose sleep wondering if your car will disappear in the middle of the night. At this point one of the best ways to protect yourself against car repossession is to file for bankruptcy.

The key is to file for bankruptcy before your vehicle is repossessed. While in some cases, you may be able to get your car back after it’s been repossessed; it is better to avoid that scenario for the following reasons:

·         Repossession charges added to past due payments

·         Possible damage to a vehicle during the repossession

·         Auto finance company less willing to negotiate payments or return vehicle

When you file for bankruptcy, all collection efforts from creditors on your vehicle and other debts will stop. What this means is that no creditor can makes calls or take any type of action to collect on any past due bills. For further questions, an experienced Fort Worth/Arlington bankruptcy attorney can discuss your specific case to answer any questions that you may have.

If you are feeling the stress of too many bills and not enough money to pay your bills, then bankruptcy may be an option for you.  For a free bankruptcy consultation contact Fears | Nachawati Law Firm, Phone  1 (866) 705-7584.

Credit-card holders in Dallas and Fort Worth should benefit from House Bill, HR 627, which passed the House on Thursday.  The Credit Card Holders' Bill of Rights passed following lobbying by President Obama and the White House Administration.  If the Bill becomes law, the new provisions will not take effect for a year, other than one key requirement that customers get 45 days' notice before interest rates are increased.  The requirement may take effect in as soon as 90 days.  The changes in credit cards could cost the banking industry more than $10 billion a year in interest payments.  Because of the recession, many people have defaulted on their credit card obligations.  This Bill will certainly ease the burden of many households in the Dallas Fort Worth area and hopefully stymie the number of bankruptcy filings.  Questions or legal information inquiries concerning this Bill and its potential effect on individuals can be directed to info@fnlawfirm.com.