Chapter 7 Bankruptcy Attorneys Serving Burleson, TX

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Can a Chapter 7 bankruptcy help you get a handle on your finances while also providing you with something you haven’t had in a very long time—peace of mind? We hope so, and we are sure that you do too!

Bankruptcy is often a last resort for many people, but if the overwhelming burden of debt is having a significant negative impact on your life, both physically and emotionally, it may be time to consider filing for Chapter 7 bankruptcy. We can help eliminate your stress, help you keep your home and your car, and give you a fresh start.

If that sounds like a solution you can get behind, we invite you to contact us to schedule a complimentary consultation with one of our experienced Burleson Chapter 7 bankruptcy attorneys, who can help you understand the process and determine whether it is the right choice for you.

Burleson Chapter 7 Bankruptcy Attorneys

Chapter 7 Bankruptcy, And How It Works

Chapter 7 bankruptcy, known as “liquidation” bankruptcy, is the quickest and easiest way for people to erase debt. Under this government plan, individuals liquidate, or sell, a portion of their “non-exempt” assets in exchange for discharging, or wiping out, much of their non-secured debt, such as credit cards, medical bills, personal loans, and more. The property that is liquidated is then given to the bankruptcy trustee, who will then sell it to pay back creditors. The procedure is fairly straightforward and works as follows:

  1. You must pass a “means test” to qualify for Chapter 7. You must earn less than your state’s median monthly income to qualify. Texas’ average household income in 2024 was $57,300 for a two-person household and $104,562 for a family of four, with an incremental increase of $10,000 for each additional family member. These figures are updated every six months, so consult with our bankruptcy attorneys for the latest median income for your family size. If you fail the means test, you may qualify for Chapter 13 bankruptcy instead (which we also handle!).
  2. Once you file for Chapter 7, the court will issue an automatic stay against your creditors, prohibiting them from harassing you, and will also put an end to all collection efforts. The phone calls and letters will stop, repossession efforts will cease, foreclosure will pause, and your wages will stop being garnished.
  3. Next, an impartial trustee will be assigned to handle your case. You will be required to meet with your creditors to answer their questions. This event can feel overwhelming, so it is wise to have a seasoned attorney by your side.
  4. Following the meeting, the trustee will sell non-exempt assets to compensate creditors. This may sound scary, but bankruptcy does not mean you will have nothing. Some of your property must be liquidated to pay off creditors.
  5. At the end of that process, any remaining debts will be waived. Your credit is cancelled, and you have the opportunity to start over!

Benefits Of Chapter 7 Bankruptcy

People tend to focus on the negative side of Chapter 7 bankruptcy and what they might have to forfeit, while losing sight of the numerous advantages it provides. Consider some of these life-changing benefits, courtesy of the United States Courts:

  • You can stop the foreclosure process on your home or any other secured assets.
  • Your credit card, medical bills, and personal loans are completely discharged.
  • You could potentially get this process over within four to six months or less, compared to Chapter 13, which can last more than 5 years.
  • Your debt-to-income ratio will drop immediately, having a positive impact on your credit score.
  • You will receive financial education courses (required) that will help you make better financial decisions in the future.
  • You will be able to keep certain exempt assets like your home (10 acres-city/100 acres-rural), a vehicle/per adult driver, tools of the trade, retirement accounts, and 50K-ind./100K-family in personal property.
  • You will eliminate stress, as creditors have to quit contacting you.
  • You will have extra money to make other payments or to save!
  • You can catch up on past payments for mortgage or car loans or convince their lenders to change the terms.

Sure, roses have thorns, but that’s not what they are known for! The same can be said for Chapter 7 bankruptcy. It is intended to help individuals get out of debt, not to hurt them. Don’t overlook the benefits and the potential to get out of debt – and to move forward with your life – that Chapter 7 bankruptcy offers just because of a few thorns.

Let Ted Machi & Associates P.C., Give You A Fresh Start

If you find yourself in a difficult financial situation and are contemplating filing for Chapter 7 bankruptcy, reach out to Ted Machi & Associates P.C. today for a complimentary consultation. With our wealth of experience and guidance, we can assist you in assessing your alternatives, completing the required documentation, and successfully guiding you through the bankruptcy proceedings. Our team is fully committed to aiding you in regaining control of your finances and giving you a fresh outlook on life. Don’t spend another moment being miserable. Take action today and start your journey towards a brighter future! Call to schedule your free consultation with our team today!

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Burleson, TX Practice Areas

The team at Ted Machi & Associates help me through a difficult situation and was very responsive to insure a successful outcome. My attorney was very thorough in explaining and helping me make the right decision. If you need expert advice and a company with years of experience, I would consult with the team at Ted Machi and Associates. My outcome was favorable.

Debra S.

Dan Wright, embodied the persona of what an attorney should be. He restored our faith in the legal system with his professionalism and knowledge. We wouldn’t hesitate to recommend Machi & Associates to anyone needing assistance.

Roderick J.

*Ted Machi is a Certified Member of Who’s Who Top Attorneys of North America for 2023
Ted Machi & Associates, P.C.

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