Dallas Bankruptcy Lawyers

Dallas Sees Bankruptcies Rise

Dallas Bouncing Along the Bottom

Although the Federal Reserve sees signs of stabilization in the Dallas region, there was little optimism in their report regarding near term recovery.  Residents continue to struggle with debt, eroding home values and unemployment. Bankruptcies filed in 2008 hit record levels with over 44,000 in Texas alone, and nearly 93% of those filed by consumers.    It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009, the surge triggered by the foreclosure help crisis and economic downturn.

Legal Advice a Necessity in Dallas

The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing, including major revisions made in 2005.  Seek the advice of a Dallas law firm with specific long-term experience in Dallas bankruptcy matters.  Check references, if possible.  A competent Dallas attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.

2005 Changes Will Impact your Dallas Bankruptcy

Because of bankruptcy filing abuses, the law was changed in 2005 to include the following:

• Required pre-bankruptcy counseling
• Strict guidelines to qualify for a Chapter 7 filing (liquidation proceeding) including a “Means Test” to determine your ability to pay debts
• Tight restrictions on repeat filers
• Random audits to verify accuracy of bankruptcy filing
• Enhanced oversight for Chapter 11 (reorganization) small business cases

Filing a Dallas Business Bankruptcy

U. S. business bankruptcies were up 40% in May of this year, further verifying the depth and breadth of the sluggish economy.  Chapter 7 and Chapter 11 are the two most common types of Dallas business bankruptcy choices.  With some exceptions, in Chapter 7 is a liquidation procedure where the business is closed and all unsecured debt is discharged.  Chapter 11 provides for working out an arrangement to pay creditors all or part of what is owed while keeping the company in business.

• If you are at risk of filing for bankruptcy or already in the process, Submit Your Case for a Free Review from a Bankruptcy Attorney in Dallas, TX.

Obtaining Credit Following Your Dallas Bankruptcy

Begin working on your credit repair right away.  Try applying for credit and once accounts are open use them sparingly and pay them off on time.  Contrary to popular opinion, you do not need to carry a balance on a credit card.  Get a secured loan on a house, car or student loan and at least one credit card or home equity line.  Obtain and review your credit reports.  Debts commonly remain active by mistake when they should show discharge in bankruptcy.  Contact the credit agencies involved to correct these mistakes.

Final Thoughts on Dallas Bankruptcy

Texans continue to suffer, as the State’s economy struggles to recover.  Decisions you make and actions you take now can have a positive or negative effect on the outcome of your bankruptcy proceedings.  The U.S. Bankruptcy Court cautions that “Bankruptcy has long-term financial and legal consequences -- hiring a competent attorney is strongly recommended.”    Click here to find Dallas attorney resources in your area.