Escape Identity Theft by Declaring Bankruptcy

Identity Theft and Bankruptcy

Are You a Victim of Identity Theft?

It’s a sad but true story – and if you’ve recently been a victim of identity theft yourself, then you’ll recognize your own story here:

Amy was a bit shocked when she received a letter in the mail verifying her son’s application for his third credit card.  She had never heard anything from her son regarding credit cards – especially as he was only three years old.  Amy quickly headed to her nearest United States Trustee office, only to confirm her worst suspicions: her son’s identity had been stolen by her ex-husband, who used his social security number to secure numerous credit cards, loans and other outrageous debts.

Identity Thefts on the Rise in Dallas, TX

If you’ve fallen victim to identity theft, there’s no denying that bankruptcy is your best option to further protect your credit score. Identity theft has always plagued American society, but since popularity of online banking and shopping has skyrocketed, it has become a more frequent occurrence.  In fact, a 2007 study by Javelin Strategy & Research confirmed that 8.4 million Americans had their identities stolen within one year alone, with an average amount of $5,270 stolen. Given these statistics, it’s likely that within the course of your lifetime, identity theft isn’t a question of if; it’s a question of when.

Bankruptcy Can Protect Your Credit Score

Of course, for some consumers, the amount stolen adds up to much more than $5,270 – in fact, more Dallas bankruptcy cases than ever before are brought on by fraudulent charges and identity theft, like in Amy’s case.  If you’ve had your identity stolen and have had charges racked up on your credit cards or any loans taken out in your name, you can report these fraudulent charges to the Federal Trade Commission, which will work in conjunction with law enforcement to make sure that the thief is caught and brought to justice.

However, it’s important to note that identity thieves are notoriously hard to catch; therefore, if you’ve fallen victim to a thief with a penchant for shopping sprees and home loans, consider having a Dallas bankruptcy attorney declare for you as a viable means to getting rid of these charges without waiting for law enforcement to catch a thief that may never be caught.

Dallas bankruptcy courts will look kindly on your case – as the debts were wrongly made – and will work hard on your behalf to make sure that “your” creditors and debtors are as sympathetic to your case as possible. It’s the ultimate way to get the time necessary to get creditors and debtors off of your back while you sort out the damage done by identity thefts.

Additionally, you can use the time to talk to credit bureaus in order to sort out any fraudulent charges made, thereby reducing the amount of debts that are discharged under your bankruptcy.

Thinking About Filing Bankruptcy?

If you declare bankruptcy due to identity theft, make sure you report your case to the nearest US Trustee office in Dallas, since they’ll work hard with you to make sure that the thief is not only brought to justice, but that the integrity of the bankruptcy system is preserved against further identity theft.

If you would like to talk to a Dallas bankruptcy attorney that specializes in these types of cases feel free to contact us today to set up a free consultation.