Chapter 7 Bankruptcy
Chapter 7 Bankruptcy, sometimes called “liquidation bankruptcy”, is the most common form of bankruptcy. It is intended for people who make at or below the median income in Texas, and can be utilized by private individuals and couples, as well as some business corporations and partnerships.
Chapter 7 allows parties in debt to discharge many of those debts—often including medical debt, personal debt, and credit card debt, among other types of debt. What’s more, most Chapter 7 Bankruptcies involve no actual liquidation of assets—meaning you will likely be able to keep your things as you move though the process.
Attorney Mike can help explain the ins and outs of Chapter 7, evaluate whether you qualify, and help you put your Chapter 7 plans into motion.
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.
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.
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?
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?
Will I still make my mortgage and vehicle payments while I am in a Chapter 7?
What will happen to my checking account if I owe the bank money?
If you owe money to the institution where you bank, be sure you let your attorney know in advance of filing.
Will the Chapter 7 affect the filing of my tax return?
May I sell my house while I am in a Chapter 7?
If I am married, should we both file or just me?
You can both file if you choose and you will be able to use the same forms and it will be the same fee.
A married couple should file jointly if some of the debts to be discharged are owed by both spouses. If both spouses are liable for some of the debts and if only one spouse files under Chapter 7, the creditors often try to collect from the non-filing spouse.