Once you understand the facts about Chapter 7 and your legal rights, filing for Chapter 7 Bankruptcy will not seem as daunting as you may have originally thought.
A lot of people think that they will have to give up all of their property and belongings if they file for Chapter 7. They may have seen movies with devastated families humiliated as everything in their house was sold off in a Bankruptcy auction, or have heard stories from the great depression when actions like this were taken against those unable to pay their debts.
That isn’t true anymore. Texas law provides very generous exemptions (rules which allow you to keep your property), and in many cases, you can keep everything own, including assets like your house, your car and your retirement plan savings. But everyone’s case is different, and it takes a lawyer with experience to choose how to apply the law so that you can maximize the proper exemptions to hang on to the things that you have worked so hard for.
Chapter 7 is a liquidation bankruptcy, meaning that you will not be required to repay the debts declared in the bankruptcy unless you choose to reaffirm specific debts (that you are not behind on), a common practice when it comes to home mortgage and automobile debt.
In a Chapter 7, I will work with you to gather your financial records, including things like Bank Statements, pay records and IRS information, and I will then use that information to prepare and file a Bankruptcy petition on your behalf. I will advise you about any potential pitfalls or concerns I have about your case, and I will be personally filing the case and serve as liaison between you and the Court throughout the pendency of your case.
Once your case is filed, Creditors must stop calling you. That is the first relief part of Bankruptcy relief!
As part of your Bankruptcy filing, you will be required to take two simple on line financial classes (one before and one after the filing), and you will also be required to make a very brief court appearance (about 5 minutes in duration, during which I will be right by your side), either in person in Austin or by telephone from your home.
At the end of your Chapter 7 case, you will be discharged of your debt and can then begin to repair your credit by making regular payments like a home mortgage or car payment.
Our initial consultation is free. Please fill out our on line form, or give us a call.
We are a debt relief agency. We help people file for bankruptcy relief under the US Bankruptcy Code.