Pelley Law Office LLP
Dallas Office
Plano Office
Sherman Office

No Charge For Initial Consultation ($250 value)

Menu Contact

Over 80 Years Of Combined Experience

View Our Practice Areas

Fewer Texans filing for bankruptcy

The number of Texans filing for bankruptcy appears to have gone down for the second straight year. One U.S. Bankruptcy Court in Texas has seen filings reduced by as much as 10 percent.

It's likely that the number has decreased in part because of an improved economy. Fewer people are out of work, and (as we mentioned in a previous post) foreclosures are also declining in numbers.

However, it's also possible that the reduction in foreclosures has come about because so many individuals experiencing problems regarding their home loans have already gone through the foreclosure process. Also, banks seem to have been more willing to modify loans, and this has possibly reduced the number of bankruptcy filings. Finally, business liquidations have also greatly decreased during this period.

Without question, many homeowners turn to Chapter 7 or Chapter 13 bankruptcy filings to help deal with the debt and prevent foreclosure from occurring. There are also other ways to manage one's debt that may not involve filing for bankruptcy.

For example, consumer spending reductions have also been cited by the American Bankruptcy Institute as a means of getting out of debt and preventing foreclosure. Learning new spending habits can come about because of credit counseling and working with creditors to help make payments more bearable for families.

For individuals from the Dallas and Forth Worth area facing mounting debt, attorneys experienced in bankruptcy and other debt relief methods may prove to be a valuable asset. These attorneys can work with individuals to protect their assets, reduce or eliminate debt, come up with a plan for rehabilitating one's credit, and work with creditors on the behalf of clients.

Source: My San Antonio, "More people staying solvent," by Patrick Danner, Jan. 3, 2013

  • Our website contains additional information and strategies concerning debt relief options for individuals and families.

No Comments

Leave a comment
Comment Information

Awards & Recognition

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Locations

Plano office
Sherman office
Dallas office

Plano Office
1312 14th Street, Suite 100
Plano, Texas 75074

Phone: 972-608-0335
Map & Directions

Sherman Office
905 North Travis Street
Sherman, Texas 75090

Phone: 903-813-4778
Map & Directions

Dallas Office
100 Crescent Court
Suite 700
Dallas, Texas 75201

Phone: 214-733-1775
Map & Directions