Chapter 7 Bankruptcy: A Fresh Start
At Machi & Associates, we understand that financial difficulties can feel overwhelming. If you're struggling with unmanageable debt, Chapter 7 bankruptcy may offer the relief you need to regain control of your financial future. Our experienced Texas bankruptcy attorneys are here to guide you through the process, ensuring you understand your options and rights every step of the way.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, often referred to as "liquidation bankruptcy," is designed to help individuals and businesses eliminate most of their unsecured debts, such as credit card debt, medical bills, and personal loans. In a Chapter 7 case, a trustee is appointed to liquidate non-exempt assets (if any) to pay creditors. However, many Chapter 7 filers in Texas are able to keep all their property thanks to the state's generous exemption laws.
Who Qualifies for Chapter 7 Bankruptcy?
To file for Chapter 7 bankruptcy, you must meet certain eligibility requirements, including passing the "means test." This test compares your income to the median income for a household of your size in Texas. If your income is below the median, you likely qualify for Chapter 7. Even if your income is higher, you may still be eligible depending on your expenses and financial situation.
Our attorneys will carefully evaluate your financial circumstances to determine if Chapter 7 is the right solution for you.
Benefits of Chapter 7 Bankruptcy
- Debt Discharge: Most unsecured debts can be eliminated, giving you a clean slate.
- Fast Process: Chapter 7 cases typically take 3-6 months to complete.
- Automatic Stay: As soon as you file, creditors must stop all collection actions, including calls, lawsuits, and wage garnishments.
- Texas Exemptions: Texas has some of the most debtor-friendly exemption laws in the country, allowing you to protect your home, car, and other essential assets.
The Chapter 7 Bankruptcy Process
- Consultation: Meet with our bankruptcy attorneys to discuss your financial situation and explore your options.
- Filing: We'll prepare and file your bankruptcy petition with the court, triggering the automatic stay.
- Meeting of Creditors: You'll attend a brief hearing where the trustee and creditors may ask questions about your finances.
- Debt Discharge: Once the process is complete, your eligible debts will be discharged, and you can begin rebuilding your financial life.
Take the First Step Toward Financial Freedom
If you're considering Chapter 7 bankruptcy, don't wait to seek help. Contact Machi & Associates today to schedule a free, confidential consultation. Let us help you take the first step toward a brighter financial future.
