Plano TX Bankruptcy - Chapter 7
Bankruptcy Attorney John F. Williams, Jr. Can File Your Chapter 7 Bankruptcy
I’ve been a Texas bankruptcy attorney for many years, and I know that as the economy suffers, Chapter 7 bankruptcy filings increase. If you find that you are in debt and lack reasonable means to pay your creditors, then you might be a candidate for a Chapter 7 “straight” bankruptcy.
Advantages of Chapter 7
A straight bankruptcy, commonly known as a Chapter 7 bankruptcy, provides an opportunity for a fresh start by erasing all of your debts, bills, and other financial obligations while keeping certain property that is exempt under current laws. Another advantage of filing Chapter 7 is that your creditors cannot make any contact with you during the bankruptcy process, nor can they attempt to contact you after your case has been finalized by the court.
Legally speaking, Chapter 7 entitles creditors to any non-exempt liquidated assets. In reality, it’s rare that any property can be liquidated to cash, so you may be able to continue retention of certain exempt property (home, car, personal furnishings) provided you reaffirm your loans with your lenders and can continue paying them.
In most Chapter 7 cases it only takes two to three months to finalize your case before the bankruptcy court. In most instances I can file your case after our initial meeting. You will receive your final discharge shortly thereafter.
Qualifying for Chapter 7
As part of the changes that happened in the Bankruptcy Code in 2005, all applications for Chapter 7 are required to qualify under the CMI Means Test. This test is used to help the bankruptcy court determine whether you qualify for financial relief under the provisions of Chapter 7. If your monthly income exceeds certain income levels, along with the means test established in the bankruptcy code, you might be ineligible to file under Chapter 7. In this case, you may have to consider Chapter 13 Bankruptcy.
When you meet with me for your FREE CONSULTATION please bring (2) credit reports, a list of all your expenses & income, and statements from any other debts that don't appear in the reports. This will help me evaluate your income and finances to determine if Chapter 7 is a feasible option.
The Law Offices of John F. Williams, Jr. are your legal advocates throughout the entire bankruptcy process. From the initial filing of your bankruptcy petition to the 341 creditor meeting and discharge, we represent you and protect your interests.
