Filing Chapter 7 Bankruptcy in Texas

Balancing the AccountsDripping Springs Attorney Brian Daniel

  • Are bill collectors harassing you?
  • Are you drowning in debt?
  • Is your financial uncertainty keeping you up at night?

If you answered yes to those questions, it may be time to consider Chapter 7 bankruptcy. Chapter 7 bankruptcies offer individuals a chance to start over—and wipe the slate clean. If you would like to erase your debts and start anew, a bankruptcy attorney may be able to help.

Are you a Good Candidate for Chapter 7 Bankruptcy? 

Chapter 7 bankruptcies are often best for individuals who do not have significant income or assets, but who have large amounts of unsecured debt—such as credit card debt. If you are struggling with overwhelming, unsecured debt, you may be a good candidate for bankruptcy.

Chapter 7 bankruptcy is also known as “liquidation bankruptcy”. This is because debtors are often forced to liquidate some of their assets during the bankruptcy process. Yet bankruptcy law does not force debtors to liquidate everything. In fact, exemptions do exist that permit individuals to keep most, if not all, of their personal assets. A qualified bankruptcy lawyer can help you determine which of your assets are exempt under Texas law.

When filing for Chapter 7 bankruptcy, some of your debt will be automatically discharged, affording you a clean slate and a chance to rebuild your credit and financial standing. When debts are discharged, creditors are no longer permitted to harass debtors or seek collection of those debts.

While Chapter 7 does allow the majority of debts to be erased, not all debts can be discharged. Debts such as alimony, child support, mortgages, and student loans are not typically eligible to be discharged.

To learn more about filing Chapter 7 bankruptcy, contact our law firm today, and reclaim your financial freedom.

Individuals seeking bankruptcy protection must first seek debt management counseling from an organization that is approved by the U.S. Bankruptcy Code. Afterwards, your lawyer will review your assets and your debts and determine which debts are eligible to be discharged under Chapter 7 Texas bankruptcy law.

What about my credit scores? This is one of the main questions debtors have before filing bankruptcy. Though seeking bankruptcy protection may damage your credit scores initially, debtors are usually able to regain solid credit scores in just a few short years.

Changes in Bankruptcy laws over the last several years have made filing Chapter 7 Bankruptcy more restrictive. Therefore, you should speak to an experienced Dripping Springs Bankruptcy Attorney to learn more about filing for bankruptcy protection under any chapter of the Bankruptcy Code.

Contact an Experienced Dripping Springs Bankruptcy Lawyer

briandanielaustinIf you are considering bankruptcy due to unmanageable debt, you should talk to a qualified Austin, Texas Bankruptcy Attorney to find out if you are a good candidate for filing Chapter 7 bankruptcy.

If you are considering bankruptcy protection, the experienced bankruptcy lawyers at The Daniel Law Firm can help. We take great pride in serving clients all over Central Texas. Let us discuss the best strategy for moving your Bankruptcy case forward in both a positive direction and timely manner. Contact an Austin Bankruptcy Attorney at The Daniel Law Firm today at (512) 615-3569.

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