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13455 Noel Road, Suite 1000, Dallas, TX 75240
Telephone: (972)980-8000
E-Mail: JerryMelton@jerrymelton.com

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Bankruptcy

Bankruptcy cases can involve businesses as well as individuals.  Most Bankruptcy matters are controlled by the United States Bankruptcy Code.

The American economy is based on consumer debt. Many Americans have been 'led' into an almost bottomless pit of insurmountable debt overload. Countless Americans face the daily reality that their debts far exceed their income and there is no help on the horizon. 

The average credit card balance is reported to be in excess of $2,500, with most households having at least three cards. In 1994, the typical card holder, used about 10 different cards for gas, groceries, retail and other credit items and has an average credit card debt of $25,000. 

It is not surprising that many debtors find themselves in a position of "...being relegated to a lifetime of destitution or the functional equivalent of financial indentured servitude from which they can never hope to recover."  (House Report No. 103-835) 

It is little wonder that burdened with insurmountable debt, many debtors often feel angry with themselves, their spouses, and even their creditors. Many are embarrassed and feel like a failure. Facing and dealing with debt problems and taking control takes courage and can be a turning point at which the debtor is taking positive action to improve their life, learning from past mistakes. 

FILING BANKRUPTCY IMMEDIATELY STOPS:

• Harassment by Creditors and all attempts to collect the debt. 

• Foreclosure. 

• Repossession. 

• IRS Seizures Interest and penalties. 

• Credit Card Debt. 

• Home Arrearages. 

• Auto Payment Arrearages. 

• Student Loans. 

• Taxes. 
  

If you have questions about Bankruptcy matters, 
please do not hesitate to contact Jerry Melton.