"We were both made to feel as if we had a friend working for us."
- Steven C. and Shirley C. - Burleson, Texas
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Chapter 7 Bankruptcy
THE
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.
