Archive for the ‘Bankruptcy’ Category

Medical Bills Caused Most Personal Bankruptcies In 2007

I was reading a blog post on the Web site of a Dallas/Fort Worth bankruptcy attorney about a study of personal bankruptcy cases filed in 2007 that shows most can be attributed to a medical crisis in the household. 

Medical expenses can become a huge burden if you aren’t prepared buy female viagra canada. Even if you think you are prepared, filing bankruptcy may be the only way to handle the medical bills from a catastrophic illness.

Knowing Your Limits – How to know it is time for bankruptcy

With unemployment on the rise and many D/FW residents cutting costs to pay their bills, financial problems seem to be taking control of more and more lives.

If you are having trouble making the minimum payments on your credit card bills, or if your creditors are threatening you with legal action, it is time to consider all your options

You may think of bankruptcy as a dirty word. Filing bankruptcy in Texas provides protection for your home, many of your personal belongings and retirement savings.

If you have over $10,000 in credit card debt that you are struggling to keep up the payments on, you should contact a Dallas/Fort Worth bankruptcy attorney.

Bankruptcy filings on the rise

Bankruptcy on the RiseIf you are considering bankruptcy because of excessive debt, you’re in good company. Automated Access to Court Electronic Records, a provider of bankruptcy data to attorneys, lenders, employers, and individuals, reports that bankruptcy filings jumped 37 percent in February over last year.

Before changes to bankruptcy laws in 2005, creditors argued that consumers abused their right to discharge debt. Currently, however, most experts agree that the economy is the phenomenon at work — job losses, cut backs, medical problems, and family breakups have effected people who were otherwise living within their means.

According to the American Bankruptcy Institute, 98,344 consumers filed for bankruptcy protection last month, with a projected 1.4 million for the rest of 2009. Even business bankruptcies are on the rise.

As people run out of credit, they turn to bankruptcy. But economic stimulus packages and other government interventions may provide some relief to the credit markets, which may slow the rate of filings.

Did You Say BUDGET?

Man on BudgetFor most, “budget” makes them cringe and feel either angry or sick.  Sound familiar?

As you work with your bankruptcy attorney to improve your finances, a budget can keep you moving forward.  Let’s look at common reasons budgets fail, and how to make a budget your friend instead of your enemy.

1. Unrealistic expectations. Don’t start a budget in the land of “should”…I should be able to live on this; this should be enough for groceries; I should be able to eat every meal at home. Sound unrealistic?  For a budget to work, it must start in reality, where you are today.  For the next 30 days, write down everything you buy and what it costs, from 50¢ for a soda to your housing.  Then add all your expenses up, breaking them down into categories:  eating out, groceries, dry cleaning, utilities, payments on existing debt, gasoline, kids’ lunch money, home maintenance, etc.  This is your “Monthly Expense Sheet” First Draft. (more…)