<PAGE>   1


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC  20549



                                    FORM 8-K



               CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934


     Date of Report (Date of earliest event reported)     February 27, 1998
                                                     --------------------------


                         SEARCH FINANCIAL SERVICES INC.
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               (Exact name of registrant as specified in charter)


          DELAWARE                      0-9539                  41-1356819
----------------------------   ------------------------  -----------------------
(State or other jurisdiction   (Commission File Number)     (I.R.S. Employer 
      of incorporation)                                    Identification No.)

               600 N. PEARL STREET
                   SUITE 2500
                  DALLAS, TEXAS                        75201-2899
----------------------------------------------  --------------------------------
    (Address of principal executive offices)           (Zip Code)



     Registrant's telephone number, including area code      (214) 965-6000
                                                        ------------------------


                                 NOT APPLICABLE
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         (Former name or former address, if changed since last report)
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ITEM 3.          BANKRUPTCY OR RECEIVERSHIP.

         On March 6, 1998, Registrant and its automobile finance subsidiaries,
MS Financial, Inc. ("MSF"), Search Funding Corp. and Search Financial Services
Acceptance Corp., filed petitions under Chapter 11 of the United States
Bankruptcy Code, as amended, in the United States Bankruptcy Court for the
Northern District of Texas, Dallas Division.  The petitions are currently
pending as jointly administered Case No. 398-32129-RCM-11.

         In connection with the filing of the Chapter 11 petitions, Registrant
announced that it is continuing discussions with Fleet Bank, N.A. and the other
banks party to the MSF loan agreement to reach agreement on an order that would
(1) provide for a transfer of the collateral securing the loan agreement to the
bank group, or a sale of the underlying receivables portfolio pledged to the
bank groups to a third party, in full satisfaction of the obligations owed to
the bank group, and (2) allow Search and MSF to use a portion of the
collections on the receivables portfolio pledged to the bank group to fund
collection and related operating expenses until such transfer to the banks or
sale to a third party takes place.  On March 9, 1998, the Bankruptcy Court
entered an order permitting such use of a portion of those collections on an
interim basis.

         Registrant also announced that any transfer or sale (1) would require
approval pursuant to Bankruptcy Court order in the Chapter 11 cases, (2) would
be subject to receipt of higher and better offers and (3) is currently
contemplated to provide for MSF to share in any proceeds from collections on
the portfolio in excess of amounts equal to the obligations owed under the loan
agreement and servicing costs.  There can be no assurance that a transfer or
sale will be approved by the Bankruptcy Court or that, if a transfer or sale
does occur, collections on the portfolio will be sufficient to allow MSF to
share therein.

ITEM 5.          OTHER EVENTS.

         Registrant also announced on March 9, 1998 that it has restructured
the loan agreement between Hibernia National Bank ("Hibernia") and certain of
its subsidiaries to permit additional borrowings under the agreement by
Registrant's consumer finance subsidiaries.  As part of the restructuring,
non-prime auto receivables with an outstanding principal balance of
approximately $19.7 million, pledged to secure borrowings under the loan
agreement, were conveyed to Hibernia in exchange for satisfaction of
outstanding indebtedness of approximately $15.9 million and the waiver by
Hibernia of all existing events of default under the loan agreement.  As a
result of this restructuring, the maximum amount that can be borrowed under the
loan agreement is $14,000,000 and all borrowings will bear interest at the
prime rate +2%.  As of March 6, 1998, the principal amount owing under the loan
agreement was approximately $9.4 million.





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ITEM 7.          FINANCIAL STATEMENTS AND EXHIBITS.

     (c)         Exhibits

                 2.1      Agreed Order Regarding Limited Use of Cash Collateral
                          (MS Financial, Inc.) and addenda thereto (a copy of
                          the Exhibits to the Order and addenda will be
                          furnished to the Commission supplementally upon
                          request)

                 10.1     Agreement to Transfer Collateral and Restructure Loan
                          effective February 27, 1998 by and among Hibernia
                          National Bank ("Hibernia"), Search Funding II, Inc.,
                          Registrant, Search Financial Services Holding
                          Company, Search Financial Services of Florida, Inc.,
                          Search Financial Services of Georgia, Inc., Search
                          Financial Services of Louisiana, Inc., Search
                          Financial Services of Oklahoma, Inc., Search
                          Financial Services of Puerto Rico, Inc., Search
                          Financial Services of Tennessee, Inc. and Search
                          Financial Services of Texas, Inc. (the "Search
                          Parties") (a copy of the Exhibits to the Agreement to
                          Transfer Collateral and Restructure Loan will be
                          furnished to the Commission supplementally upon
                          request)

                 10.2     First Amendment to Loan Agreement and Related
                          Documents dated as of February 27, 1998 among the
                          Search Parties and Hibernia

                 10.3     Promissory Note dated February 27, 1998 payable to
                          the order of Hibernia in the principal amount of
                          $14,000,000





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                                   SIGNATURE


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        SEARCH FINANCIAL SERVICES INC.



                                        By:          /s/ Ellis A. Regenbogen
                                             -----------------------------------
                                             Ellis A. Regenbogen
                                             Executive Vice President

Dated:   March 11, 1998





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<PAGE>   5
                                 EXHIBIT INDEX


<TABLE>
<CAPTION>
Exhibit No.          Description
-----------          -----------
    <S>              <C>
    2.1              Agreed Order Regarding Limited Use of Cash Collateral
                     (MS Financial, Inc.) and addenda thereto (a copy of
                     the Exhibits to the Order and addenda will be
                     furnished to the Commission supplementally upon
                     request)

    10.1             Agreement to Transfer Collateral and Restructure Loan
                     effective February 27, 1998 by and among Hibernia
                     National Bank ("Hibernia"), Search Funding II, Inc.,
                     Registrant, Search Financial Services Holding
                     Company, Search Financial Services of Florida, Inc.,
                     Search Financial Services of Georgia, Inc., Search
                     Financial Services of Louisiana, Inc., Search
                     Financial Services of Oklahoma, Inc., Search
                     Financial Services of Puerto Rico, Inc., Search
                     Financial Services of Tennessee, Inc. and Search
                     Financial Services of Texas, Inc. (the "Search
                     Parties") (a copy of the Exhibits to the Agreement to
                     Transfer Collateral and Restructure Loan will be
                     furnished to the Commission supplementally upon
                     request)

    10.2             First Amendment to Loan Agreement and Related
                     Documents dated as of February 27, 1998 among the
                     Search Parties and Hibernia

    10.3             Promissory Note dated February 27, 1998 payable to
                     the order of Hibernia in the principal amount of
                     $14,000,000
</TABLE>





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