Chapter 7 Bankruptcy
Dallas, Fort Worth Bankruptcy Attorneys
A Chapter 7 Bankruptcy is often called a straight bankruptcy, a liquidation bankruptcy or a discharge bankruptcy. Legally with this type of bankruptcy, the debtor does not have a payment plan for creditors. With some exceptions, debts are eliminated.
This type of bankruptcy is for people who have a great deal of credit problems, repossessions, foreclosures and certain judgments. Sometimes, tax debts may be discharged. Filing a Chapter 7 bankruptcy doesn’t mean that all debts listed in your case will be discharged. If you show an ability to continue making payments on certain assets such as a vehicle, chances are you may keep those assets.
Major Advantages
- A new beginning which allows you to start over and rebuild your good name and credit.
- Protection from harassing collection calls, garnishment of wages, judgments through lawsuits, repossession and foreclosure.
- Total liquidation of your debt within four to six months of your case filing.
- In many cases, your credit can be rebuilt faster with a Chapter 7 Bankruptcy than allowing your current problems to continue.
- You may keep all of your property — home, cars, cash, retirement accounts, household items, furniture and more.
For more information or a free initial consultation and evaluation, please
call 214.688.1393 or 817.870.1960 or
fill out the Case Evaluation Form, on the home or contact page,
and one of our attorneys will contact you.
What's the Difference?
Chapter 7 Bankruptcy:
You ask the bankruptcy court to discharge most of the debts you owe. In exchange
for this discharge, the bankruptcy trustee can take any property you own
that is not exempt from collection, sell it, and distribute the proceeds
to your creditors.
Chapter 13 Bankruptcy:
You file a repayment plan with the bankruptcy court to pay back your debts over time. The amount you'll have to repay depends on how much you earn, the amount and types of debt you owe, and how much property you own. Determining which is right for you is a consideration to be discussed with your attorney.