What Exactly is Chapter 7 Bankruptcy? Do I really need it?
Chapter 7 Basics
Chapter 7 bankruptcy is the most common and the simplest form of bankruptcy. Ninety-nine percent of the time there are no assets to liquidate in Chapter 7. If there are unprotected assets, the Chapter 7 Trustee will liquidate those assets and pay funds to the unsecured creditors.
Who Can File?
Individuals who seek relief using Chapter 7 must income qualify using the median income for your area. High-wage earners may not qualify for a Chapter 7.
Chapter 7 is generally the simplest and quickest form of bankruptcy and is available to individuals, married couples, corporations and partnerships.
8 Steps To Freedom
Consult With Us
Attend Creditor's Meeting
Re-affirm Secured Debts
I Am With You Every Step Of The Way.
Filing for bankruptcy can seem overwhelming – even discouraging. But it doesn’t have to be. My wife and I will work to make the process as easy as possible for you and for your family. We want to see you back on your feet and living your life. We’ve helped scores of East Texans overcome financial obstacles they felt were overwhelming. With our assistance, we will walk you through the process one step at a time.
We’re serious when we tell our clients that there really is life after bankruptcy.
So, give us a call. We’re ready to help.
Not yet. I’d like to know more about Mike.
No More Creditors Calling You All The Time.
Chapter 7 Bankruptcy gets those unwanted collection agency calls to stop. Unlike debt consolidation, once you have filed for bankruptcy protection, your creditors will cease all collection activities including phone calls, lawsuits and bank garnishment. Call us today to stop those unwanted collection calls.
No More Dodging Process Servers.
If someone is looking to sue you over your outstanding debt, they may be attempting to have the papers served on you. A process server can be hired to track you down and serve the papers on you in a legal manner. Rather than spend your time running, Chapter 7 allows you to resolve the matter altogether.
If you have recently been served, the last thing you want to do is ignore the matter. Call us today to discuss your legal options
No worries about your bank account being garnished, or other aggressive collection actions.
No more holding your breath every time your card gets swiped for a purchase. What belongs to you will remain with you. The money you work so hard for will be safe and protected. Creditors are not required to notify you in advance before they garnish your account. Creditors are not required to notify you in advance before they garnish your account. Call us today if your bank account has been garnished.
There Is A Chance You May Not Even Need To File.
In the event that there is a better option for you than bankruptcy, I will help you get on the right path.
Frequently Asked Questions
Will I lose my car if I file a Chapter 7 bankruptcy?
Do I have to go to court when I file a Chapter 7 bankruptcy?
You do not have to go to court when you file bankruptcy, but you do have to appear at what is known as a Section 341 Meeting, otherwise known as a creditor’s meeting. These meetings are held in a conference room and there are five minutes allotted for the meeting. Creditors very seldom ever appear at these meetings, so there should be no anxiety on your part when you have to appear at a creditor’s meeting.
What will happen to my credit score when I file bankruptcy?
Since Chapter 7 bankruptcy is called liquidation bankruptcy, what property will I have to give up to the appointed trustee?
Do I have to qualify to file a Chapter 7 bankruptcy?
Mike is amazing to work with. He is very thorough and knowledgeable about what he does. For anyone unsure of options available to them he breaks them down in such a way that is understandable and helps one to make a clear, confident, and informed decision. He makes himself available for follow up as well and shows a genuine interest in helping his clients. Would highly recommend him.
I can’t begin to express how thankful we are to have met Mr. & Mrs. Wallace. They are truly an amazing team. From the moment you meet them you instantly feel a level of comfort. They have a wonderful balance of knowledge, professionalism and compassion.