Many in Texas believe that filing bankruptcy makes you a failure at your finances or, worse, will cast you in a state of credit disrepair for a decade or more. This is simply not the case. Filing bankruptcy can actually allow you to seize control of your finances and secure your long-term financial well-being. Thanks to the predatory lending practices of banks and credit card companies, as well as the unprecedented economic downturn, consumers in Dallas and elsewhere continue to file bankruptcy in record numbers.

Some tips from walletpop.com will help those who first consult with Dallas Bankruptcy Lawyers about how to best proceed.

With the downturn in the economy forcing so many families to struggle financially, bankruptcy is often the best decision they can make. The laws were designed to help people file for bankruptcy in Dallas and elsewhere so they can help their finances get back on track. Taking hold of your financial future is smarter than attempting to get by with paying the minimum on your credit card each month, hoping to find a job or catch up, all while fending off annoying creditors.

While the decision shouldn’t be taken lightly, it has become a popular choice for the many Americans struggling to get by. In the first quarter of 2011, 353,082 people filed for bankruptcy in the United States, according to the American Bankruptcy Institute. In 2010, 54,130 Texans filed for bankruptcy, which was up from 50,868 in 2009.

Filing for Chapter 13 bankruptcy in Dallas, for instance, will immediately stop the foreclosure process on your home and allow you to keep your home and other large assets after setting up a reasonable payment plan over a 3-5 year period. This often works out well for those who don’t qualify for Chapter 7 bankruptcy because they make too much money in relation to their debt.

The point is, consult with an experienced Dallas Bankruptcy Lawyer and make the right decision based on your situation. Bankruptcy can be daunting, but it can also be very liberating. On to the tips:

Let go of guilt and shame: Don’t beat yourself up over making this decision. It’s rational and can help save you a lot of frustration. Don’t feel like a failure or a disappointment. The No. 1 cause for bankruptcy is unexpected medical bills.

Reflect and Regroup: Use a network of friends and family to help you get through the bankruptcy process.

Create a budget: Many people have to file bankruptcy because of overspending, so create a budget, with an emergency fund and work toward future financial freedom.

Pick a credit card that will help rebuilt credit: After bankruptcy, you may get flooded with credit card offers. Pick wisely. Some secured credit cards allow you to deposit money and make that your credit limit.

Know the facts about bankruptcy: Many people believe you won’t get credit after bankruptcy, but it’s not true. Many people can get car, home and credit-card loans shortly after the process is over. Don’t think you’ll be stuck without credit forever. The purpose of bankruptcy is to help you get back on your feet financially.

If you need to speak to a bankruptcy lawyer in Dallas contact the Family Law Firm of Warren & Migliaccio L.L.P at 972-205-9750