Chapter 7 Bankruptcy is a legal process which provides Debtors, which goes to include both people & businesses that are unable to pay their creditors, an opportunity to resolve their debts by liquidation while under the protection of the United States Bankruptcy Court. The Bankruptcy Process was designed to help an honest debtor to get a fresh start. Whether it be Chapter 7 liquidation, or reorganization under Chapter 11 or Chapter 13, Bankruptcy is a Debt Relief option that can put you back in control of your finances.
So when should you file For Chapter 7 Bankruptcy?
Filing for Bankruptcy shouldn’t be a spur of the moment decision and should be considered along with you Bankruptcy Alternatives when you are seeking Debt Relief. Chapter 7 Bankruptcy is best used when a person can’t realistically expect to repay a significant portion of their debts over a reasonable period of time. If the Bankruptcy Means Test determines you are eligible to file for Chapter 7 Bankruptcy, you can usually eliminate all of your unsecured debt in a Chapter 7. Filing for bankruptcy under Chapter 7 can work well when you need to get rid of burdensome credit card debt, personal loans, medical bills, payday loans, auto accident claims, lawsuits, judgments, leases, certain taxes, repossession & mortgage deficiencies, personal guaranties, and most every type of unsecured debt.
Chapter 7 Bankruptcy is commonly known as ‘straight bankruptcy' or liquidation bankruptcy, which means a Chapter 7 Trustee will sell any non-exempt assets to pay your creditors. In most Chapter 7 Bankruptcy cases the person filing usually keeps all of their property because Texas law allows debtors a generous amount of property which is exempt. Chapter 7 bankruptcy does not discharge all of your debts. Child support and other support obligations can’t be discharged in Chapter 7; and student loans, and certain kinds of taxes can’t be eliminated in Chapter 7 either. Your house & car payments have to be current when filing for Chapter 7 or you will loose them. For many people in Texas, Chapter 7 Bankruptcy is the best way to get rid of debt, and keep most all of their property.
If you are struggling with debt and have been struggling for some time and are thinking considering bankruptcy, consider all the famous individuals that have filed bankruptcy to deal with their debt. You don’t have to be famous to get a fresh financial start through Chapter 7 Bankruptcy; you just need to know what bankruptcy is and when to consult a bankruptcy lawyer. If you are eligible to file Chapter 7 under the bankruptcy means test you can eliminate your unsecured debts such as credit cards, medical bill, payday loans, and get a new start with your finances.
Do you Want More Information on Chapter 7 Bankruptcy?
If you or your business need to obtain debt relief or a fresh financial start, bankruptcy may be an option to get rid of your debt, reduce your debt, or reorganize your finances. Bankruptcy is often a mystery to most people because it’s not a regular everyday occurrence. Although they may occasionally hear about bankruptcy in the media, most people in Texas consider filing bankruptcy when they are facing some type of financial emergency or the have had chronic debt problems which need to be addressed. If you need debt relief or are facing a financial problem that requires immediate attention, filing Chapter 7 Bankruptcy might be an option. To see if filing bankruptcy is an option for you, contact the Texas Bankruptcy Lawyers at The Law Offices Of R.J.Atkinson for a free bankruptcy evaluation.
If you live in Houston, Austin, San Antonio, Dallas, Waco, Plano, Sherman, New Braunfels, or anywhere in the State of Texas contact the Texas Bankruptcy Lawyers at The Law Offices Of R.J.Atkinson. An experienced Texas Bankruptcy Lawyer can help you decide if filing Chapter 7 Bankruptcy is the best option for you.
Call the Texas Chapter 7 Bankruptcy Attorneys: 800-436-9056