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BANKRUPTCY 101

5 Top Reasons for Filing Bankruptcy

1. Medical Expenses
A study conducted by Harvard University states that medical expenses account for 62% of all bankruptcy filings. These findings affect insured as well as uninsured filers.
2. Job Loss
with the state of the economy many people are finding themselves either unemployed, facing layoff, early termination or earyl retirement and the fact is most American's can't miss even a single paycheck!
3.Poor/Excess Credit
whatever the reason, many people just a few years ago had perfect credit scores and were managing their debt and then a drastic economic turn occured and these same people are faced with plummeting credit scores, higher interest rates and quite simply the inability to even make minimum payments on their debt. 4.Divorce/Separation
the expenses involved with divorce are astronomical! Faced with mounting legal fees, child support, division of assets and the burden of maintaining 2 households forces many filers into bankruptcy 5.Unexpected Expenses
unfortunatley unexpected expenses are always going to be a reason for bankruptcy filings. Natural disasters such as floods and tornadoes can devestate a family's income. This year Mother Nature has been the cause of millions of dollars of unexpected expenses! It's not just damage to homes, it is the loss of clothing and the basic necessities of life. People have been forced to charge clothing, food and gas just to survive and those charges are catching up with them.

Current News:

DO I QUALIFY FOR A CHAPTER 7 BANKRUPTCY?

The lastest Median Income according to the Census Bureau for the state of Texas is as follows:
1 Person Family: $38,294
2 Person Family: $55,178
3 Person Family: $56,445
4 Person Family: $65,477
Each additional family member increases the income amount by $7,500.
So what does all of this mean? If you make at or below the median income amount you will generally fall into a Chapter 7 Bankruptcy. Of course there are always exceptions but, this information gives provides you with a good rule of thumb.
We are always happy to answer any questions you have over the phone or in a free consultation. The median income can and does change, so we try to keep on top of the these updates and change them accordingly. So check back for the latest.

Recent Events:

FALL IS HERE!!

Fall is near, it is getting darker earlier, holiday's are fast approaching and the Texas Rangers are in the World Series for the 2nd year in a row!!! Don't forget to set your clocks back an hour on November 6, 2011. In Texas we don't get to experience all 4 seasons, but at least we get a break from the heat! We wish you all a happy and safe fall!

Mailing Address -

Steven H. Phelps, P.L.L.C.
10,000 N Central Expressway
Ste 850 LB 76
Dallas TX 75231

Office Location -

Just North of of Walnut Hill Lane on the East side of North Cental Expressway

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Telephone -

(214) 373-0880

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