Posted at January 23, 2014 @ 8:48 am by admin
Bankruptcy Lawyers Serving Dallas/Fort Worth
What is Chapter 7 Bankruptcy?
Bankruptcy laws were developed to help people who find themselves in a difficult situation due to overwhelming debt they cannot pay. A Chapter 7 bankruptcy allows you to have your debts expelled and you can begin to repair your finances. However, you must qualify by passing a “means test”. This simply means that you must meet certain criteria to be able to file this type of bankruptcy. Recently, the requirements to qualify for a Chapter 7 bankruptcy have become more strict, requiring that you show the court whether you have the means to repay your debt or not.
One of the many advantages of filing for bankruptcy is that all creditor calls and collection action will cease immediately. Though your bankruptcy may take several months to be finalized, the constant calls and other collection activity will stop once your bankruptcy is filed. When your Chapter 7 bankruptcy is complete, you will receive a Discharge from the bankruptcy court. Once you receive your Discharge, you will no longer be liable the discharged debt.
The types of debts you can include in a Chapter 7 bankruptcy include credit card bills, car repossession deficiencies, personal loans, medical bills, and utility bills. There are certain types of debts that are exempt from bankruptcy laws and cannot be discharged. These types of debts include but are not limited to:
- Most student loans
- Alimony or spousal support payments
- Most tax debts to the IRS or the State
- Child support payments
Hiring the right bankruptcy lawyer is the most important thing you can do during the bankruptcy process. If you or your family find yourselves in a situation where you can no longer keep up with your debts and are considering a bankruptcy filing, it is imperative you contact an attorney. As an experienced bankruptcy firm, we will advise you and guide to the best course of action. Let good attorneys help you decide whether Chapter 7 bankruptcy is the correct option for you.
Chapter 7 Bankruptcy Attorney in Dallas/Fort Worth
Finding yourself in crushing financial trouble may be devastating ; however there is hope and legal options for you. The Bankruptcy laws were set up to assist someone in just your position. With the help of our highly skilled staff, you will have the opportunity to file for bankruptcy and will make a new financial start. However, you do need to qualify for this type of a bankruptcy by passing a “means test”.This test determines whether you have the “means” financially to pay off your debt or not; it was established to prevent individuals with high incomes from being able to discharge their debt if they could actually afford to pay. If you do not qualify to file for Chapter 7 bankruptcy, Chapter 13 may be what is needed. Chapter 7 also requires that you receive pre-bankruptcy financial counseling within the 6 months prior to filing. Because this test will determine if you qualify for this type of bankruptcy, it is vital you meet with a bankruptcy attorney from Texas prior to taking the test. Filing any documents incorrectly may cause you to not qualify or delay your bankruptcy needlessly. We encourage you to contact our office today.
Contact one of the many competent bankruptcy lawyers if you are considering filing Chapter 7 bankruptcy and need skilled legal counsel.