Bankruptcy Myths

My credit will be ruined if I file for bankruptcy: Most people mistakenly believe that their credit and their credit report are the same thing. This is wrong. Your credit is your ability to borrow money, while your credit report is a summary of your payment and credit history. Although you may have perfect payment history, if you currently have more bills than you can afford, you have no credit because no one will loan you any more money.

While a bankruptcy will be listed on your credit report, this does not mean that your credit will be ruined for an extended period of time. Generally, people who consider filing for bankruptcy already have a tarnished credit record, which will continue to get worse as they put off filing. People who have filed may begin to rebuild their credit almost immediately and many even get a mortgage within a couple years of filing and a loan or credit card even sooner.

I'll never be able to buy a home if I file bankruptcy: Can you buy one now? Most people considering bankruptcy cannot. Bankruptcy will give you the ability to save for a down payment. Also, you will have the income to qualify for a mortgage, something you probably can't do now because your debts take up all of your disposable income. Most people can qualify for a mortgage within about 2 years after their bankruptcy, and I can put you in contact with lenders that will work with you after the bankruptcy. To qualify for a mortgage, your debt cannot exceed a certain percentage of income per month.

I can only file for bankruptcy once: Many people believe if they have filed for bankruptcy in the past that they are no longer eligible to file again. While there are limitations as to future filings for bankruptcies, a person may file for bankruptcy even if done so in the past. A Chapter 13 bankruptcy may be filed as often as you need to. If you filed a Chapter 7 bankruptcy, you must wait eight years to file another Chapter 7, but you may still file a Chapter 13.

The Debt Doctor on TV

Have you seen the Debt Doctor on TV?

Why Hire Us

You should choose your attorney based on your ability to work with the attorney and the attorney's skill and knowledge in the area that you require assistance. When you meet us, you'll like us, and our skill and knowledge are matched by few DFW Bankruptcy Lawyers. When choosing your bankruptcy attorney, consider the following about Ted Machi & Associates, P.C.

  • FREE Consultation - Your first meeting with us is absolutely FREE, and you make no commitments by just meeting with us. Come in for some candid advice, or try our FREE on-line bankruptcy evaluation.
  • 30 Years of Experience - Ted Machi & Associates, P.C. has served the North Texas community for over thirty years. We are dedicated to the needs of people like you. We have seen a lot of client and bankruptcy issues over those years. There are few Dallas bankruptcy attorneys or Fort Worth bankruptcy lawyers that can match our thirty years of successful client relationships.
  • Certified Bankruptcy Attorney - Ted Machi is Certified in Consumer Bankruptcy by the Texas State Board of Legal Specialization.* He understands more than the surface of bankruptcy law, and his thirty years of experience in North Texas provide him with the ability to address your case with the background and expertise that it deserves.
  • We Understand What You are Going Through - We understand the tough times you are going through. We understand the frustration and sometimes shame when you can not repay the debts you honestly intended to repay. We understand that a tough economy makes getting back on your feet again frustrating.
  • Candid Advice - expect more than a sales pitch from our team. We will guide you to making your own decision about what is best for you. We may recommend Chapter 7 bankruptcy. We may recommend Chapter 13 bankruptcy. We may recommend that you do not file bankruptcy.
  • Free Credit Reports - If you are our client, we'll provide all of your credit and public records reports for you.
  • Complete Court Representation - We won't send you off to court alone. We'll be there by your side from start to finish with thirty years of experience representing North Texans like you.

Problems Other than Bankruptcy

Our firm has attorneys who work in areas other than bankruptcy. Our firm handles a variety of legal problems for people like yourself. If you have another legal matter, such as deceptive trade, nursing home neglect, products liability, health or auto insurance denial or questions about personal injuries, we can help