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Chapter 7 Bankruptcy Plano TX
People familiar with financials often refer to Chapter 7 Bankruptcy as the “straight” bankruptcy. The purpose of this filing is to help an individual get a fresh start. At the outset of filing Chapter 7, the court appoints a trustee to gather the debtor’s non-exempt assets and sell them to pay off a portion of the creditor’s claim. Thankfully, with Texas Exemptions and National Exemptions being so broad, most cases involving a Chapter 7 Lawyer do not result in consumers needing to sell personal property. But don’t be fooled, there is a true cost to Chapter 7 bankruptcy. That’s why you need to find a Chapter 7 attorney near you. So that we can help guide you through every step in the process.
Filing Chapter 7
Filing Chapter 7 can help your financial situation in a number of ways. For instance, an owner can use it to help their business obtain debt relief. That’s because Chapter 7 bankruptcy allows a business owner to liquidate assets and terminate operations. As a result, the owner can free up capital to help pay off creditors. But when an individual debtor receives a discharge in Chapter 7, it will eliminate their personal liability on the dischargeable debts. That means the debtor can get a fresh start. There are some debts that a debtor can’t discharge:
- Student loans
- Child support
- Property taxes
- Income taxes less than 3 years old
- Court ordered fines
- Restitution from criminal cases
- Spousal support
- Any property settlement from a divorce
Learn Why You Shouldn’t Represent Yourself.
Chapter 7 vs Chapter 13
Chapter 7 Bankruptcy Cost
In Chapter 7 bankruptcy, the cost is often more than just a list of fees. There are real costs to bringing all of your available debts to bear. For instance, the time it takes you to find out your eligibility for Chapter 7. That involves using a “Means Testing form”. This form is for determining whether you have the means to pay your creditors. There are various conditions that a Means Test considers, namely a person’s state and family size, as well as income and marital status.
Chapter 7 Lawyer
After you file Chapter 7 bankruptcy, the court appoints a trustee to manage and to liquidate all of the assets of the estate. That might mean valuables and personal property, or business assets. In the case of an individual debtor, he or she may specify certain properties as exempt from the claims of creditors. Your Chapter 7 lawyer can advise you on the easiest and simplest way to protect the assets that you hold dearest while reducing the amount that you owe to creditors.
Chapter 7 Attorney Near Me
A Chapter 7 bankruptcy attorney near you can help you decide the best time to file for bankruptcy. We can also tell you whether you should file under Chapter 7 rather than another type of bankruptcy. Our experienced Chapter 7 lawyers will walk you through all possible outcomes for your assets and property. For example, whether they will be protected from your creditors when you file Chapter 7.
If you need to file Chapter 7, contact our office. We represent clients throughout Dallas and elsewhere with respect and consideration. That means your needs will be heard and your options explained thoroughly. So give us a call or stop by today and get yourself on the road to financial recovery.
Let Our Experience Be Your Guide.