If you're behind on mortgage or car payments, have accrued sudden and unpayable bills, or if your credit card debt has outgrown your disposable income, filing bankruptcy under Chapter 7 of the federal Bankruptcy Code may be an efficient way to discharge consumer or business debts and get a fresh financial start.
Consumer debt typically includes expenses related to maintaining your standard of living, such as credit card debt, medical bills, home equity loans, student loans, installment payment plans on large assets and tax debt. Often, these are completely necessary or unavoidable expenses, which is why our federal government long ago adopted a policy and laws that provide for bankruptcy protection.
About Chapter 7 Bankruptcy For Consumers
Chapter 7 bankruptcy is called "straight" or liquidation bankruptcy because it involves handing over your nonexempt assets to an appointed trustee who uses them to repay creditors. After you've completed the requirements of Chapter 7, your remaining debts (except nondischargeable debts, like student loans and recent tax debts) are discharged and you are no longer legally responsible for them. It's a fairly straightforward process, and many people who are considering bankruptcy qualify for it.
In Texas, most assets that consumers are concerned about protecting are exempt. The important thing is to fully disclose the details of your financial situation with your lawyer so that she can help you to make sure you are receiving the maximum exemption protections allowed by the Bankruptcy Code. Once the court discharges your debt, you won't have to pay outstanding unsecured debts and you can begin rebuilding your credit rating.
Experienced Legal Support
Attorney Jean Roche has more than 28 years of experience working with Texans who have sought debt relief under Chapter 7 and Chapter 13. She will assist you at every stage of the process, from understanding the "means test" (the metric for determining which Chapter you should file) to collecting and organizing all of the information needed to successfully file your petition.
Your Fresh Start Is A Phone Call Away
Get creditors off your back and get your credit score back on track. Visit Ms. Roche's law office in north Dallas, or call 708-427-4882, for a free initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.