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

Today, WallStreet was devastated following reports that Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy early Monday morning and said it will slowly wind down its operations after being in business for 158 years. At $639 billion, Lehman's is the largest bankruptcy filing in U.S. history--easily surpassing the Enron and WorldCom collapses combined. Lehman filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court of the Southern District of New York. The company's broker-dealer subsidiary and other parts of Lehman were not in the bankruptcy filing. Shares of Lehman were down 90% to around 40 cents a share. According to the details of the bankruptcy filing, Lehman held consolidated assets totaling $639 billion and total liabilities of $613 billion. The largest creditor to Lehman Brothers is Citigroup (C: 15.34, -2.62, -14.58%), which has $139 billion in bond debt, followed by The Bank of New York Mellon (BK: 38.35, -1.60, -4.00%), which had a combined $17 billion in bond debts with Lehman. In other liabilities, Japanese bank AOZORA loaned Lehman $463 million, while Lehman also has an outstanding bank loan with Mizuho Corporate Bank worth $289 million.  For questions regarding bankruptcy, call the Fears | Nachawati Law Firm, Phone (214) 890-0711, 4925 Greenville Avenue, Suite 715, Dallas, Texas 75206.

The partners of Fears | Nachawati Law Firm were selected to give a presentation to Bankruptcy Lawyers and Practitioners at a continuing legal education seminar in Barcelona, Spain.  The presentation was a success, as lawyers throughout Texas attended the seminar in an effort to learn about the latest trends in Consumer Bankruptcy Law.  More about the presentation or press questions can be directed to the law firm's assistant at (214) 890-0711.

Oftentimes a person or family member suffers a catastrophic illness that leads to mounting medical bills not covered by insurance, job loss, divorce, and high credit card debt. Filing a chapter 7 (sometimes referred to as a “liquidation filing”) bankruptcy can be a solution for you. Not only will it help you out of the astronomical amounts of debt, it could help increase your credit score.
Here are some ways that Chapter 7 Bankruptcy may help increase your credit score and help you get your life back on track:
• Depending on your due diligence and ability to procure new credit, being back in the 600 range or higher in a short period of time after filing Chapter 7 Bankruptcy is possible.
• You can apply for credit immediately after your bankruptcy is over.
• You can get a new vehicle loan as soon as a month after your bankruptcy is over.
• If you have the income, you may qualify for a mortgage 2 years after your bankruptcy is over.
• By buying a new home, vehicle, or getting new credit cards, your credit score may rise in a short period of time.
Remember that filing a Chapter 7 Bankruptcy can help get you debt free and let you start again with a clean slate. For legal assistance and more information please contact the attorneys and counselors of Fears & Nachawati.
Fears and Nachawati Attorneys & Counselors
4925 Greenville Avenue
Suite 715
Dallas, Texas 75206
Phone: (214) 890.0711
fears@fnlawfirm.com
*Principal Office
*Se Habla Espanol
 

The rise of bankruptcy filings have increased in Dallas/ Fort Worth Metroplex due to job loss, divorce, medical bills, disability, identity theft, and the difficult economy we are facing today. If you are facing foreclosure, huge amounts of debt, repossession, bankruptcy may be the only realistic way out. Our lawyers are here to help. Contact the lawyers at Fears & Nachawati to find out about getting rid of debt and getting a fresh start.

The most common types of bankruptcy are set forth below:
Chapter 7 Bankruptcy: (Sometimes referred to as a “Total Liquidation”) If you have little property and can’t make your basic minimum credit card payments, Chapter 7 Bankruptcy might be the right option for you. Chapter 7 is different from other bankruptcy filings because the debtor does not typically need to make any further payments to creditors such as credit card companies once the bankruptcy court issues a bankruptcy discharge letter.
Chapter 13 Bankruptcy: (Referred to as a “reorganization”) Chapter 13 Bankruptcy can help to adjust debt and obtain reduction or relief on secured debt such as a house that may be in foreclosure. Even if your creditors disagree, under Ch. 13, people typically are allowed to retain their secured property while making reasonable payments to creditors that are oftentimes much lower than the original amount owed.
Please contact the attorneys of Fears & Nachawati for more details. They will provide you with general legal information and consult with you concerning whether bankruptcy is the right choice for you.
Fears and Nachawati Attorneys & Counselors
4925 Greenville Avenue
Suite 715
Dallas, Texas 75206
Phone: (214) 890.0711
fears@fnlawfirm.com
*Principal Office
*Se Habla Espanol