HomeHow Bankruptcy WorksIf You Only Read One ThingDon't Hire UsContact Us

    Top Laywer 2009 2008










     Wind Powered

        Top Lawyer 2007 2006

"We were both made to feel as if we had a friend working for us."
 - Steven C. and Shirley C. - Burleson, Texas  
...SEE MORE CLIENT COMMENTS


Chapter 7 Bankruptcy


Chapter 7 BankruptcyTHE LEAST YOU NEED TO KNOW ABOUT CHAPTER 7:

- Typical Case Lasts 4 Months

- No Repayment Plan Required

- Most People Keep All Their Belongings



MORE DETAILS ABOUT CHAPTER 7:

    Chapter 7 bankruptcy discharges (eliminates) most debts and puts smart, ethical individuals on path to a brighter tomorrow.  Filing under Chapter 7 is sometimes referred to as filing a "straight" bankruptcy.  Some types of debts such as certain taxes, student loans, and child support obligations are not usually dischargeable.  A Chapter 7 bankruptcy filing in the Dallas - Fort Worth area generally takes 90 days to complete once the case is filed.  Clients represented by an attorney normally attend only one official meeting, but do not have to go to court.


    When you file bankruptcy an automatic stay normally goes into effect immediately.  The automatic stay can be thought of as a restraining order preventing your creditors from coming after you.  Creditors can not go after your car, house, or other property unless the stay is lifted.  The automatic stay will also stop most lawsuits against you.

    In a Chapter 7 bankruptcy filing all of your non-exempt property can be collected and sold to repay your debts, but exempt property is yours to keep.  Luckily, most people living in the Dallas - Fort Worth area don't lose any property in a Chapter 7 bankruptcy (assuming your attorney knows what they're doing).  This means most people can keep their house, car, personal property, and everything else they own.
 
At the end of the bankruptcy process, your debts are wiped out by federal court order.  You no longer legally owe your creditors.  You now have a clean slate and can start fresh.  There are many other benefits to filing bankruptcy.  Some of these benefits are financial, but many greatly benefit your physical health, emotional well-being, and mental state as well.

A Chapter 7 bankruptcy is a powerful tool that smart, ethical people use to get their lives back on track.  If you're an honest person who's tried your best to repay your debts, Chapter 7 may be the smart move to make.

 
BACK TO "How Bankruptcy Works"