Bankruptcy
Considering Bankruptcy? We’re Here to Help!
Texas Debt Relief Lawyer - Billy D Price
Chapter 7 Bankruptcy, also known as liquidation, is the easiest, quickest and most common form of bankruptcy. It allows consumers to seek financial relief by eliminating unsecured debt. Chapter 7 bankruptcy helps alleviate credit card debt, medical bills, personal loan debt, repossession deficiencies and more. Attaining Chapter 7 bankruptcy status can help you exercise your rights and achieve freedom from overwhelming debt.
When you file for Chapter 7, the federal government will appoint a trustee who liquidates your nonexempt assets to pay off creditors. More on exempt and nonexempt assets in a little bit. After filing, an automatic stay goes into effect. This means that creditors listed in the petition are not allowed to seek any action (foreclosure, lawsuits, repossession of property, etc.) against you. Once filing is complete, your debts will be discharged.
Filing for Chapter 7 could be right for you if you are unable to make the minimum credit card payments, getting more medical bills than you can afford, receiving harassing phone calls from creditors or being sued by one of your creditors. Sometimes, however, bankruptcy is simply not the best decision. I will be honest and upfront with you about the advantages and disadvantages of filing for Chapter 7.
In a Chapter 7 case, you keep all of the assets that are exempt from liquidation. Typically, your home, car, home furnishings and retirement accounts are exempt. Nonexempt assets are subject to liquidation and include cash, family heirlooms and second vehicles. You can choose your exemptions under Texas law or federal law. I will personally review your situation at no charge to see what nonexempt property you have. Just give my office a call. Together, we’ll evaluate your situation to determine what property is exempt.
In order to qualify for Chapter 7, you must pass the “means test,” which is basically an evaluation of your economic status. New laws make this test difficult to understand without an attorney’s assistance. We will review your financial situation to determine if you would pass the means test. As discussed above, an experienced bankruptcy lawyer will also go over your property to determine what is exempt and nonexempt. There are other complicated issues concerning Chapter 7 that can best be solved by meeting with me personally.
Contact an Experienced Chapter 7 Bankruptcy Lawyer in Dallas Texas!
Don’t delay in filing for Chapter 7. Filing will stop creditor harassment, eliminate repossession debts, stop pending lawsuits and allow you to start planning for your family’s future. Your rights may be restricted the longer you wait.
Learn more about Chapter 7 bankruptcy law and find out if filing under Chapter 7 can help you clear debts. Contact Chapter 7 Bankruptcy Lawyer Billy D. Price in Dallas, Texas for your confidential, no-charge consultation.
