Bankruptcy Attorney – Debt Relief

Divorce · Bankruptcy Attorney · Tax · Debt Negotiation · Adoption

Law Offices of Al Malone is a Bankruptcy and Family Law Firm.  Our law firm is dedicated to helping people resolve challenging problems in positive ways.  Focusing on the areas of family law, bankruptcy, tax, and debt negotiation we provide aggressive representation and superior client service.  We are highly experienced in our primary practice areas and are determined to help our clients reach a better place in their lives:Chaprt-7-bankruptcy

  • – Family law
  • – Divorce
  • – Bankruptcy
  • – Tax
  • – Debt Negotiation

Our law office guides people through Bankruptcy, divorce process and resolve related issues involving children, support and property. We use the bankruptcy system to help our clients get maximum debt relief while keeping their property.  The Law Offices of Al Malone also represents clients in tax and debt negotiation.  Whether it involves a divorce, Chapter 7 bankruptcy, tax debt or other legal problems, you can depend on the Law Offices of Al Malone for vigorous and skillful advocacy.

After years of spiraling down a dark hole I finally see light at the end of the tunnel. Thanks Al Malone, for standing by my side and giving me new hope.

Dallas Texas

Dedicated Representation

In the legal arena, we provide aggressive representation to protect our clients’ rights and interests. At the same time, we offer support and compassionate counsel to people experiencing difficult times. When you come to our office to discuss your legal matter, you will meet an attorney who cares about you and your future. We will explain the legal issues in your case and the potential costs. Based on your direction, we will then work diligently to achieve your goals as quickly and efficiently as possible. You will have confidence, knowing that an experienced legal professional is on your side, fighting for your rights and working hard to succeed for you.

Legal Needs

Contact a Attorney For Help With Your Family Law, Divorce, Bankruptcy, or Tax Legal Matter. Contact Law Offices of Al Malone online (Bankruptcy Attorney) or call 817-953-3112 to schedule your consultation with an experienced Attorney. We offer free initial case evaluations in most legal matters.  We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Focusing in Consumer Bankruptcy Law
DFW  bankruptcy attorney

Overwhelmed by Debt? Bills piling up?

I’m Al Malone, a Bankruptcy, IRS Tax Resolution and Debt Negotiation Attorney in Southlake.  Al Malone practices in the counties of Dallas and Tarrant in the great state of Texas and focus on Consumer Bankruptcy Law, Family Law, and Tax Law.

The Law Offices of Al Malone helps Texas consumers eliminate debt and resolve serious tax and financial problems through bankruptcy and non-bankruptcy solutions. We work with clients facing difficult financial situations throughout the DFW area.

Our practice includes:

  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • IRS Tax Resolution
  • Foreclosure Defense
  • Debt Negotiation / Settlement

Many people with jobs have been led to believe they are not eligible for debt relief under the bankruptcy law. The truth is most people with serious debt problems can file for bankruptcy. In fact, I have helped many people file Chapter 7 bankruptcy who were told by other attorneys that they did not qualify due to the means test.

There are many myths about personal bankruptcy that people have heard from credit card companies, banks, family members, and even Attorneys.  I can dispel those myths and help you understand your rights under current bankruptcy law.

Filing bankruptcy may allow you to put an immediate stop to lawsuits, foreclosures, and repossessions. Bankruptcy can also allow you to keep assets such as your home and car. Many of my clients have been able to retain their assets and eliminate their unsecured debt, including credit card bills, mortgage deficiencies, personal loans, car repossessions, business debts, lawsuits, judgments, hospitals bills, and payday loans by filing personal bankruptcy.

Know Your Options

Although bankruptcy may be the best solution in many situations, there are other options for dealing with debt, such as debt negotiation, offers in compromise, and mortgage foreclosure defense.  A good bankruptcy attorney will discuss all alternatives with you.

Bankruptcy, IRS & Debt Resolution Attorney

If you are struggling to pay your bills, call me for a free consultation. A good Bankruptcy Attorney is on your side. Let’s meet and I will put a lot of your concerns to rest. I am with you every step of the way. If creditors are harassing you, I can help you put a stop to it. Even if your home is in foreclosure, it may not be too late to save it. I will listen to you and help you find the answer that best fits your situation. If you are facing wage garnishment, creditor harassment, liens, or other debt problems, don’t wait to get relief. For your peace of mind, call me today at 817-953-3112.

Does this sound like your life in recent months?

  • You were raised to believe that you should own your own home, but after having some hard times, the mortgage company turns down your loan modification and you find yourself in danger of losing your house to foreclosure.
  • You got behind on your car or truck payments, now the finance company wants all the money and you don’t have it. They are threatening to pick up the vehicle if you don’t pay it all now.
  • You lose your job or overtime, and you have to use credit cards to make ends meet. Now they are “maxed out” and you have no way to pay your bills.
  • You were always told about the benefits of getting an education, but now you are unemployed or underemployed and in default on your student loans. You can’t pay them back as fast as the debt collectors demand and they are calling constantly.
  • As a last resort you’ve taken out payday loans, now you are drowning in debt and they call every day.

Getting buried in debt is an all-too-common occurrence for many people in Texas.  Attorney Al Malone wants to help you dig yourself out.  He will listen to you and show you the options that you have to choose from in your situation to either discharge, settle, or reorganize your debts.

Debt Comes in Many Forms

Whether you are in the beginning stages of realizing that your debts are getting to be too much, or you’re at the end of your rope, sick of harassing calls from collection agencies, and ready to get a bankruptcy case started, Mr. Malone can help.

Bankruptcy could be your answer

A bankruptcy attorney can help you manage personal or professional debts you are unable to pay. Bankruptcy laws allow people and businesses to (1) get a “fresh start” by relieving most debts; and (2) repay the money owed to all creditors as fairly as possible. When you file for bankruptcy protection, all other legal actions against you are put on hold. Creditors cannot sue you, garnish your wages, repossess your car or home entertainment system, or start or continue with a foreclosure action against your home. There are different types of bankruptcy filings and each has its own advantages. Since bankruptcy can significantly impact your future purchasing power and credit rating, you should see a bankruptcy attorney to make sure the benefits of filling bankruptcy outweigh the consequences.

 

Advantages to a Texas Chapter 7 filing:

You receive a complete fresh start. After the bankruptcy is discharged the only debts you owe will be for secured assets on which you choose to sign a “Reaffirmation Agreement.”
You have immediate protection against creditor’s collection efforts and wage garnishment on the date of filing. Wages you earn and property you acquire (except for inheritances) after the bankruptcy filing date are yours, not the creditors or bankruptcy court. There is no minimum amount of debt required. Your case is often over and completely discharged in about 3-6 months.

Disadvantages to a Texas Chapter 7 filing:

You lose your non-exempt property which is sold by the trustee. If you want to keep a secured asset, such as a car or home, and it is not completely covered by your Texas bankruptcy exemptions then Chapter 7 is not an option. If facing foreclosure on your home, the automatic stay created by your Chapter 7 filing only serves as a temporary defense against foreclosure.
Co-signors of a loan can be stuck with your debt unless they also file for bankruptcy protection.
If you filed a prior case and received a discharge of your debts, you can only file a second Chapter 7 bankruptcy case eight years after you filed the first case.

Advantages to a Texas Chapter 13 payment plan:

If you choose and you can afford the payment plan, you can keep all your property, exempt and non-exempt. While debts are not canceled as in a Chapter 7 discharge they can be reduced under a Chapter 13 payment plan.  You have immediate protection against creditor’s collection efforts and wage garnishment. More debts are considered to be dis-chargeable (including debt you incurred on the basis of fraud and credit card charges for luxury items immediately prior to filing).
If the Chapter 13 plan provides for full payment, any co-signers are immune from the creditor’s efforts.
You have protection against foreclosure on your home by your lender as long as you meet the terms of the plan. You have more time to pay debts that can’t be discharged by either chapter (like taxes or back child support). You can file a Chapter 13 at any time. You can file repeatedly. You can separate your creditors by class where different classes of creditors receive different percentages of payment. This enables you to treat debts where there is a co-debtor involved on a different basis than debts incurred on your own.

Disadvantages to a Texas Chapter 13 payment plan:

You create a payment plan where you use your post bankruptcy income. This ties up your cash over the Chapter 13 plan period. Legal fees are higher since a Chapter 13 filing is more complex. Your plan and therefore your debt will last for 3 to five years. You are involved in the bankruptcy court process for the term of the 3-5 year plan. Stockbrokers, and commodity brokers cannot file a Chapter 13 bankruptcy petition.

 

Texas Chapter 7 Bankruptcy Information

In a Chapter 7 bankruptcy you wipe out your debts and get a “Fresh Start”. Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt. (see Texas Exemptions) The trustee sells the assets and pays you, the debtor, any amount exempted. The net proceeds of the liquidation are then distributed to your creditors with a commission taken by the trustee overseeing the distribution.

Certain debts cannot be discharged in a Chapter 7 bankruptcy, such as alimony, child support, fraudulent debts, certain taxes, student loans, and certain items charged. (see Texas Non-Dischargeable Debts) In most Chapter 7 cases, the debtor has large credit card debt and other unsecured bills and very few assets. In the vast majority of cases a Chapter 7 bankruptcy is able to completely eliminate all of these debts.

You may keep certain secured debts such as your car or your furniture or house by reaffirming those debts. To do so, you must sign a voluntary “Reaffirmation Agreement”. If you decide that you want to keep your house or your car or your furniture, and you reaffirm the debt, you cannot bankrupt (or wipe-out) that debt again for eight years. You will still owe that debt and you must continue to pay it just as you were obligated to continue to pay it before you filed bankruptcy. In order to reaffirm the debt, you must also bring it current. In other words, if you are three or four months behind, then you must pay the back payments which are due in order to reaffirm it. You can selectively reaffirm your debts – you can state that you wish to keep the house and the furniture, but that you want the car and the jewelry to go back to the respective Creditors.

Reaffirmation agreements can be set aside during the earlier of 60 days after the agreement is filed with the Court, or upon the Court’s issuance of an Order of Discharge.

 

What Are The Difference Between Chapter 7 and Chapter 13 Bankruptcy Proceedings?

Chapter 7 bankruptcy is the form of bankruptcy that you might want to choose if you have loads upon loads of unsecured debt, but do not have any actual means to pay it back. In order to successfully file for Chapter 7, you will need to prove that you have almost no (or no) disposable income. You will likely need to pay your creditors by selling a large portion of your nonexempt property, but it is not a total loss. When you file for Chapter 7, that basically means that your debts are forgiven by law, and that your creditors will no longer be able to try to collect. This is also called liquidation bankruptcy because of the fact that it forces debtors to liquidate all their assets.

It is worth mentioning that while it is very possible to lose property in Chapter 7 bankruptcy, most people will not lose anything. Similarly, tax debts are not forgiven through Chapter 7, and that means that you will have to pay those back regardless of whether or not the filing was successful.

For people who make more money, but cannot actually pay back the debts that they have, Chapter 13 is the choice that they can make. This basically allows the debtor to start a repayment plan that will not completely harm their financial situation, and you also get to keep all your assets. Debtors who file for Chapter 13 also have the added perk of being able to reorganize their assets, and also be able to arbitrate for an easy repayment plan on their behalf. Unlike Chapter 7 bankruptcy, that can only take 3 to 5 months, it can take years to successfully go through Chapter 13 bankruptcy. However, most would rather choose Chapter 13 bankruptcy than go through a full liquidation bankruptcy.

Much like Chapter 7, Chapter 13 bankruptcy will not forgive all your debts. However, it will allow you to catch up on mortgage payments, recurring loan payments and credit card bills at a pace that is more acceptable for your current financial situation.