Recent Posts in Bankruptcy and Life Category

One of the most pressing questions people have when they are married and filing for bankruptcy is if their husband or wife will be affected by their filing. In the United States, husband and wives are not affected by their spouses' Chapter 7 bankruptcy filings if they are not responsible for any of their spouses' debt.

However, if they have a supplemental credit card or they share debt, husband or wives may be affected by their spouses' bankruptcy filings.

In some states, community property laws allow a spouse to accumulate debt without the consent of his or her husband or wife. The debt is then considered marital property.  Still, there are a few exceptions to the rule. For example, if one spouse wanted to purchase real estate, the spouse would need the signature of the husband or wife. Yet, credit cards do not require both spouses' signatures.  Community property states include Arizona, Idaho, California, Nevada, New Mexico, Texas, Washington and Wisconsin.

If you have additional questions about how bankruptcy will impact your spouse, contact our law firm and speak with a San Antonio bankruptcy lawyer.

Generally speaking, there are three main reasons why people choose to file for Chapter 7 bankruptcy in San Antonio:

1.  Unemployment.  When people are unemployed, it can be extremely difficult for them to make ends meet with just their unemployment checks.  Often times, people who are unemployed report that they are accumulating more debt and can leave them feeling financially constrained.

2.  Income is less than debt.  People who choose to file for Chapter 7 may have more debt than income.  For example, their mortgage and car loans may exceed the amount of money they make each year and push them toward filing for consumer bankruptcy.

3.  No other alternatives.  Yes, there are alternatives to bankruptcy, such as debt settlement.  However, alternatives may not be right for everyone.  When this is the case, people may choose to file for Chapter 7.

If you are thinking about filing for Chapter 7 in San Antonio, it is advised that you meet with a San Antonio bankruptcy attorney immediately.  Contact the Malaise Law Firm now!

If you believe that you are on the verge of bankruptcy and you know that your debt has gotten out of control, you may wonder what you can do to avoid filing for Chapter 7 or Chapter 13.  This is understandable as bankruptcy can be frightening.  Below, our San Antonio bankruptcy law office has provided a few tips which may help you:

1.  Create a monthly budget and stick to it.  Many people struggle with debt because they do not have an established budget.  Take the time to review your income and expenses and then create a feasible financial plan.  Once that plan has been drafted, stick to it as much as possible.

2.  Consider starting an emergency fund.  Life always throws unexpected circumstances our way and sometimes, those circumstances drain our finances.  If possible, try to add money to an emergency fund which can be utilized if, for example, your car breaks down and needs repairs.

3.  Start paying off your debt.  The quicker you can pay off your debt, the less interest, late fees and over the limit fees you will accumulate.

Should you have additional questions about bankruptcy or filing for bankruptcy, the best thing you can do is to speak with a San Antonio bankruptcy lawyer by contacting the Malaise Law Firm.

Did you know that each year, the number of consumer bankruptcies filed in the United States has increased.  This fact is especially true in large cities, like San Antonio.  In 2009, approximately two million people filed for Chapter 7 and Chapter 13, which means that debt is a serious problem for many Americans.

People often ask "are there signs that I am headed for bankruptcy?"  While there are no fool-proof signs, people may find that they are headed toward bankruptcy if:

§  They have problems sticking to a budget or have not created a budget

§  Lack control over their spending or are chronic over spenders

§  They have not established an emergency fund

§  They have a house that is expensive and they are finding it difficult to pay their mortgage

§  They have excessive credit card debt and continue to add to that debt

Finally, it is important to know that many people who have to file for bankruptcy do so because of unexpected life circumstances, such as a serious illness in the family or unexpected job loss.

If you are thinking about filing for bankruptcy in San Antonio, it is advised that you meet with a San Antonio bankruptcy attorney as soon as possible.  Contact the Malaise Law Firm now!

If you are filing for chapter 13 bankruptcy or chapter 7, there are several things you can do to ensure a fresh start post-bankruptcy.  Below, our legal team has provided 5 tips:

1.  Take the time to meet with your lawyer.  This will ensure that you understand what your options are post-bankruptcy.

2.  Review your credit report.  If you filed for Chapter 7, you will want to make sure that your report indicates discharging of debt you owed to creditors.

3.  Stick to a monthly budget.  When filing for bankruptcy, you probably received insightful advice about creating a feasible budget.  It is advised that you follow this budget and live within your means.

4.  Start saving.  It is always a wise idea to start saving a percentage of your paycheck in case emergencies arise. 

5.  Learn from your prior financial mistakes.  Maybe you overspent or maybe you fell behind on your bills.  Whatever mistakes may have led up to your bankruptcy, try to learn from them so you can avoid repeating them.

Planning to file for bankruptcy in San Antonio, Texas?  If so, take the time to meet with a San Antonio bankruptcy lawyer at the Malaise Law Firm.  Contact us now!

What is a credit report?
A credit report is essentially a detailed history of your credit behavior.  Your report tracks:

§  how many accounts you have open or closed

§  if you have accounts in collections

§  your account balances and spending limits

§  if you have paid your bills on time

After time a you pay a bill late or have an account in collections, your overall credit score drops.  Lenders will pull your credit report before giving you access to new lines of credit or loans.

What happens to a credit report after bankruptcy?
When people have filed for bankruptcy, such as chapter 7 bankruptcy, it will appear on their credit reports for up to 10 years.  After that time elapses, the bankruptcies will no longer appear on people's credit reports.

How can people repair their credit after filing for bankruptcy?
The best thing people can do to repair their credit reports after filing for bankruptcy is to pay their bills on time and act responsibly.

Do you have additional questions about bankruptcy and how it will impact your credit?  If so, contact the Malaise Law Firm and speak with a San Antonio bankruptcy lawyer today.

What is foreclosure?
Foreclosure is a process that occurs when a homeowner falls behind on his or her mortgage payments to lenders or financial institutions.  Once homeowners fail behind on their monthly payments, lenders initiate legal proceedings to regain possession of the homeowners' properties. 

Are there alternatives to foreclosure?
Yes, there are several alternatives to foreclosure.  Some of these alternatives include loan modification, debt settlement and in some cases, filing for consumer bankruptcy.

Can bankruptcy stop foreclosure?
In some cases, filing for bankruptcy may put a stop to the foreclosure process.  However, the answer to this question will vary person-to-person.  For this reason, it is advised that people facing foreclosure in San Antonio consult with a San Antonio bankruptcy lawyer that can review their individual financial situations.  

Are you facing foreclosure?  If so, contact the Malaise Law Firm and arrange a consultation with an attorney from our team.  We would welcome the opportunity to speak with you and will provide you with reliable advice.

People who choose to file for consumer bankruptcy, whether it is Chapter 7 or Chapter 13, often feel bittersweet.  That is normal and to be expected.  Anytime we have to confront our finances, it can be nerve wrecking.  However, when we don't have the financial means to pay our bills and are waist deep in debt, we must remember that filing for bankruptcy is a responsible choice. 

If you are thinking about filing for bankruptcy in San Antonio, you do not have to go through the process on your own.  Instead, work with a San Antonio bankruptcy attorney and you will receive the help you need.  Here are three ways a bankruptcy lawyer can be of assistance:

-  A bankruptcy lawyer can help you with all of your bankruptcy related paperwork and take this stress off of your plate.

-  A bankruptcy attorney can provide you with continual support so you do not feel alone or abandoned during the bankruptcy process.

-  A bankruptcy lawyer can put an end to persistent phone calls from collectors and creditors so you can focus on completing your bankruptcy without being harassed.

Contact the Malaise Law Firm to learn how we can help you!

If you are considering filing for Chapter 7 bankruptcy in San Antonio, you need to remain informed and aware of your legal options.  The best way to do this is by speaking with a San Antonio bankruptcy attorney from the Malaise Law Firm and also by following these three tips:

1.       Do not believe anything that you hear until you have spoken with a San Antonio bankruptcy lawyer.  There are countless myths circulating about Chapter 7 that are not only false, but also damaging if you believe them.   Instead of taking other people's advice, speak with a legal professional who is experienced in this area of law.

2.       Be ready to answer questions that a bankruptcy attorney will need to ask you.  For example, a lawyer may ask you about your income, your debt, how you accumulated your debt and if you plan to repay your debt.  Your bankruptcy legal professional may also want to look at your credit report.  So, be ready to disclose information.

3.       Know that some of your property will be exempt from liquidation and other property may be subjected to liquidation.  Your bankruptcy attorney can advise you further on this matter and help you get a better understanding of what assets are exempt and non-exempt.

If you would like to speak with a bankruptcy lawyer in San Antonio, contact the Malaise Law Firm now!

There are numerous bankruptcy myths that are in existence, but people who are filing for bankruptcy or who are planning to file for bankruptcy in Texas should not fall victim to these myths.  Below, the Malaise Law Firm sheds light on some of these myths and provides useful information for those who are considering consumer bankruptcy:

1.  Your credit will be ruined forever. When people file for bankruptcy, it appears on their credit reports for up to 7 years.  After that, the bankruptcy is removed.

2.  You will lose your house.  Many people are filing for bankruptcy to keep their homes, not lose their homes.  In fact, when people file for bankruptcy, they can avoid foreclosure.  The key is working with a San Antonio bankruptcy attorney that can help people remain in possession of their homes.

3.  You can never get more credit cards.  This is simply false as many credit card companies are offering people second chances by extending them limited credit.

4.  All debts are cleared if you file for Chapter 7.  This is not completely true.  Chapter 7 may wipe out your unsecured debts, but you will still be responsible for things like student loans or paying judgments.

5.  Both spouses must file for bankruptcy.  That is false as it is very common for one spouse to have debts that existed prior to a marriage.  Therefore, one spouse may choose to file for bankruptcy and the other spouse will not have to.

If you have further questions about bankruptcy, contact the Malaise Law Firm to speak with a bankruptcy lawyer!

Per information taken from previous surveys conducted, the cost of healthcare increased by 9.9 % between 2007 and 2008, then another 9.2% between 2008 and 2009.

Employers pass increased costs along to their employees. Forty-two percent of employers surveyed said they planned to increase employees’ premiums, 41% said they planned to share increasing costs with their workers by changing to different coverage plans, while 20% claimed they were planning on implementing “high deductable” plans within the next few years. As the number of high deductable plans has been on the rise, it has led to lower use of medical services because people can basically no longer afford them.

Expenses are rising in almost every sector from fuel, to paper, to materials and supplies. The recession has hit many businesses hard, resulting in layoffs, reduced profits, and even an increase in bankruptcies.

If you are in the Dallas, Texas area and have a business or personal financial crisis occurring, you need to contact the Malaise Law Firm and consult with a Dallas bankruptcy attorney who can give you the specifics on how to go about getting debt relief. Peace of mind can once again be attained and sleepless nights due to worrying about debt can be eliminated.

Call to set up an appointment at 800-226-5787.

Most people who are halfway honest like to keep their financial agreements and pay their bills whenever possible. We feel better when we are able to meet our obligations and keep on top of things. Life, however, sometimes gets in the way of our plans, and like a powerful ocean undertow, can pull us down and we begin to drown. Unexpected things happen such as illness, injury, or loss of a job and before we know it, the bills keep piling up and sleepless nights set in. Creditors begin calling, credit scores gets ruined due to late payments and the bills fall further behind. Pretty soon, the only bills that get paid are the very basic ones, food, rent and utilities. This creates more tension for everyone involved, the husbands, the wives, and it most certainly affects the children. It is a known fact that most divorces occur due to financial problems in the family. When things get too rough, bankruptcy is sometimes the best solution.

Is Bankruptcy Really Moral?

Many people might ask themselves, "Is this really the right thing to do, is it moral?"  The answer is yes, it sometimes is the best option. The concept of bankruptcy actually dates back to the time period of the Old Testament. It refers to the ancient Hebrews having their debts forgiven every seven years. There comes a point when a person has to ask himself, what is more important, my (or my family's survival) or going under. Discharging one's debts IS sometimes the more ethical and moral solution.The concept of debt relief is not new.

When things have turned around and one gets more affluent, he can then repay some of those debts or make donations to charitable organizations to offset any feeling of indebtedness to society. One would also want to ensure that the situation did not happen again and get further educated on handling finances and money.

If you are in financial trouble and need help filing for bankruptcy, set up an appointment with a Houston bankruptcy attorney at our firm to discuss your situation.You can contact the Malaise Law Firm by calling 800-226-5787.

Advantages of filing bankruptcy

One of the main advantages of filing for bankruptcy is that it takes the immediate overwhelming amount of stress out of the picture as creditors will stop harassing you and you can put more attention on being productive to handle life, your job and your family. There are different kinds of bankruptcy filings and the correct one will need to be determined on an individual basis. Filing for bankruptcy is a form of responsibility of handling debts and one should be able to look at it from that viewpoint. A bankruptcy filing can also stop wage garnishments. If you are facing a foreclosure on your home, it is wise to not delay a filing so as to prevent losing your home. If you have tax problems, filing sooner rather than later can prevent more problems and complications from occurring.

Disadvantages of filing bankruptcy

A bankruptcy will affect your credit and will stay on your report for ten years. (Spouses by the way, can be kept off of a bankruptcy if so requested, depending on the type of bankruptcy you need to file.) A person may feel embarrassed or may feel a blow to his pride after filing, but this not unusual.

As long as one continues to take action to better his life, and recognizes that life goes on, he will pull through regardless. Debt relief can bring peace of mind.

Per the law, you have to list all of your debts, be they personal, or to companies. For personal ones, you can tell your creditors what you are going to do and let them know that you will repay them after you get back on your feet.

The long term results

Bankruptcy basically gives you a "time-out." Time out to get another job, time out to get back to a better state of health, time to do what you need to do to get your life back in order so you won't wind up back in the same situation. It also gives your credit a re-boot or fresh start. Just keep in mind that sometimes we have to look at what is the best solution, as well as which solution will be the most advantageous to everyone involved.

Clients have many questions during the initial appointment with a bankruptcy attorney.  The most common concerns are losing property, and rebuilding credit after the bankruptcy case is over.  Occasionally someone will ask a straight-forward question: “Will filing a bankruptcy ruin my life?”  This powerful and important question deserves a straight-forward answer:

No!

The bankruptcy laws are widely misunderstood by the average American.  The purpose of bankruptcy is to put overwhelming financial difficulties behind and give an honest person a fresh start.  Many Americans have taken advantage of a fresh start to improve their lives and have made tremendous contributions to our society.  Perhaps the best way to illustrate the power of bankruptcy’s fresh start is to look at some famous examples:

Actor Burt Reynolds filed for bankruptcy in 1996 after his divorce from Loni Anderson. He listed more than $10 million in debt, and his dinner theater in Jupiter, Florida was foreclosed on and his ranch was sold.  Never one to quit, Reynolds continues to act in movies and television.  Burt Reynolds was nominated for an Academy Award for Best Supporting Actor for his performance in the 1997 film Boogie Nights and won a Golden Globe Award for the movie.

Named as one of Time Magazine’s “100: The Most Important People of the Century,” business titan Henry Ford didn’t always have the Midas touch.  By 1901 Ford had unsuccessfully managed his first automobile company into bankruptcy.  Two years later he founded Ford Motor Company.

Walt Disney may have had vision, but he needed a second chance to make the Happiest Place on Earth a reality.  After his first film company failed, Disney filed bankruptcy in 1923.  Five years later Disney introduced the world to Mickey Mouse and the Disney empire was born.

In 1875 a young businessman saw his horseradish company go bankrupt.  Undeterred, the young man formed a new company in Pittsburgh, PA with his brother and cousin making ketchup.  That company was a success for H.J. Heinz and in 2007 the H.J. Heinz Company had over $10 billion in revenue.

Other famous people who have used the bankruptcy laws to help them recover from financial difficulty include: singer Willie Nelson, talk show host Larry King, actress Kim Basinger, and even billionaire Donald Trump!

Don’t let financial difficulty stand in the way of your dreams!  Bankruptcy will not ruin your life; it is a tool to help you build a better future for yourself and your family.