Chapter 7 Bankruptcy Lawyers Attorney Serving Grand Prairie, TX
Similar to the burden of paying taxes or going through surgery, bankruptcy is an unfortunate reality that individuals often try to steer clear of because of the initial difficulties it brings. Nevertheless, there are moments when we see that facing the unpleasant reality of the moment is necessary to bring about a better future and serve a higher purpose. If you are considering bankruptcy, or have already filed and are rebuilding your life, you need to know that it is possible to receive help that can get you through and recover!
Our Grand Prairie Chapter 7 bankruptcy lawyers believe in providing clients with the compassionate assistance and guidance they need to move forward. If you are considering bankruptcy, we can help you determine if it is right for you, and we can help you file a petition with the court. Please call us today for a free, no-obligation consultation. .
Chapter 7 Bankruptcy
This is the type of bankruptcy that most people think of when they think of bankruptcy. It is also known as a liquidation bankruptcy. Chapter 7 bankruptcy is utilized by people looking to wipe out all of their debts.
Prior to filing for Chapter 7 bankruptcy, it is necessary to meet certain criteria based on your income and the amount of debt you have. You will have to take a means test to see if you qualify for a Chapter 7. This test compares your income to the median income for a family of your size in your state. If you are below the median income for your family size in your state, then you will likely qualify for Chapter 7. Since the median income changes every year, your attorney can help you obtain the most current median income for your family size to determine if you are eligible.
Once you qualify, you'll need to file a petition seeking relief under Chapter 7, along with various other forms. The bankruptcy will be assigned to a trustee, who will oversee the bankruptcy case. The trustee's job is to sell your assets (that are non-exempt), or assets that you do not have the right to keep to satisfy all or part of your debts and pay back your creditors. You'll get to keep some assets, such as your home, your car, your household goods, and your retirement accounts, so that you're not starting over with nothing.
Once your petition is filed in court, the judge will issue an automatic stay, which will stop any and all foreclosure actions and any attempt by a creditor to collect a debt from you. If this is likely the case for you, you'll want to reach out to our Grand Prairie Chapter 7 bankruptcy lawyers to help you through the process and protect whatever assets you can.
