Dallas Bankruptcy Attorney Warns: Beware of Too-Good-To-Be-True Debt Management Plans
Is it possible to be current on your mortgage payments and debt management plan -- and still lose your house to foreclosure? It's more possible than you think!
Dallas, TX (PRWEB) November 2, 2008 -- Attorney Reed Allmand has been around the block more than a few times. He has helped thousands of clients manage or even eliminate their debts through bankruptcy and other means… and he has also witnessed the heartbreak of predator debt management firms who regularly take people for a ride. "I just want people to be informed and educated before they hire a debt management firm," says Allmand, partner in Allmand & Lee, based in Dallas, Texas. "This information can literally save their home, their job, even their marriage."
Recently, one of Allmand's clients, Mildred, nearly lost her home to foreclosure even though she had entered into a debt management plan that cost her $700 per month - an entire week's pay. Despite the fact she never missed one payment on her plan in the past four years and was current on her mortgage payments, she received a notice of foreclosure from her mortgage company. The reason? She had been delinquent on her property taxes. When faced with the decision of paying the credit card companies who called her incessantly or paying the property tax collector who never called her, she chose the former.
So after learning of her situation, Allmand, who is Board Certified in Consumer Bankruptcy, helped Mildred file for Chapter 13 bankruptcy immediately. This stopped the foreclosure and allowed her to catch up on her property taxes, having to pay only $200 per month for five years. In addition, she was able to stop paying the $700 monthly debt management payment, which resulted in an extra $500 in her pocket per month.
Mildred was elated. She said, "my mind can rest now and I can spend time with my grandchildren."
"This kind of thing happens all the time," Allmand said. "What people don't realize is, is many cases, filing for bankruptcy can actually put more money in your pocket and even improve your credit. This is the dirty little secret debt management companies don't want you to know."
W. Reed Allmand is a Board Certified Consumer Bankruptcy Attorney. He has been practicing for seven years and has handled more than 3,000 bankruptcy filings. In September, 2008, his firm, Allmand & Lee filed 200 bankruptcies. To speak with Mr. Allmand or to schedule an interview, please call (214) 265-0123.
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