Chapter 7 Bankruptcy Attorney

What Happens When You File For Chapter 7?

You actually get a decent night’s sleep.

Get Help NowLearn More

Chapter 7 Bankruptcy Attorney

What Happens When You File For Chapter 7?

You actually get a decent night’s sleep.

Get Help NowLearn More

What Exactly is Chapter 7 Bankruptcy? Do I really need it?

Chapter 7 Basics

Chapter 7 bankruptcy is the most common and the simplest form of bankruptcy. 99% of the time, your personal belongings are safe but a court-appointed trustee may sell those assets and pay the proceeds to unsecured creditors.”

Who Can File?

Most of those who desire to file Chapter 7 are eligible although some high-earners may not qualify. An individual’s eligibility to file Chapter 7 is determined by the means test instituted with the 2005 amendments to the bankruptcy code.

Chapter 7 is generally the simplest and quickest form of bankruptcy and is available to individuals, married couples, corporations and partnerships.

I Am With You Every Step Of The Way.

Filing for bankruptcy can seem overwhelming – even discouraging. But it doesn’t have to be. My wife and I will work to make the process as easy as possible for you and for your family. We want to see you back on your feet and living your life.

And we’ve helped scores of East Texans get through from what they insisted (in the beginning) could never be overcome.

We’re serious when we tell our clients that there really is life after bankruptcy.

So, give us a call. We’re ready to help.

Not yet. I’d like to know more about Mike.

Chapter 7 Bankruptcy Attorney Tyler TX
Chapter 7 Bankruptcy Lawyer Tyler Texas

No More Creditors Calling You All The Time.

Chapter 7 Bankruptcy gets those unwanted collection agency calls to stop. Unlike debt consolidation, once you have filed for bankruptcy you will not hear from your creditor’s again and will be on your way to financial freedom.

No More Dodging Process Servers.

If someone is looking to sue you over your outstanding debt, they may be attempting to have the papers served on you. A process server can be hired to track you down and serve the papers on you in a legal manner. Rather than spend your time running, Chapter 7 allows you to resolve the matter altogether.

Chapter 7 Bankruptcy Attorney Nacogdoches TX
How to File Chapter 7 Bankruptcy Tyler TX

No worries about your bank account being garnished, or other aggressive collection actions.

No more holding your breath every time your card gets swiped for a purchase. What belongs to you will remain with you. The money you work so hard for will be safe and protected.

There Is A Chance You May Not Even Need To File.

In the event that there is a better option for you than bankruptcy, I will help you get on the right path.

Frequently Asked Questions

 

Will I lose my car if I file a Chapter 7 bankruptcy?
If you want to keep an automobile that is financed in a Chapter 7 bankruptcy you can.  If you decide to keep the car, then you must sign what is known as a Reaffirmation Agreement and continue making payments as called for under the contract. A Reaffirmation Agreement waives the discharge as to that car creditor and you will remain personally liable to that creditor in the event there is a future default.
Do I have to go to court when I file a Chapter 7 bankruptcy?
You do not have to go to court when you file bankruptcy, but you do have to appear at what is know as a Section 341 Meeting, otherwise known as a creditor’s meeting.  These meetings are held in a conference room and there is five minutes allotted for the meeting.  Creditors very seldom ever appear at these meetings, so there should be no anxiety on your part when you have to appear at a creditor’s meeting.
What will happen to my credit score when I file bankruptcy?
Most people are shocked when I tell them that their FICO score will increase on average one hundred points twelve months after discharge, which is fifteen months from filing.  I know it is counter-intuitive, but you are a better credit risk after bankruptcy because your debt to income ratio will improve significantly and you will not be burdened with unsecured debt.
Since Chapter 7 bankruptcy is called liquidation bankruptcy, what property will I have to give up to the appointed trustee?
Almost 99% of all Chapter 7 bankruptcies are what we refer to as no asset cases, which means that the Trustee does not take possession of any assets to sell to pay your creditors.  This is because the law protects certain assets through exemptions (e.g. homesteads, vehicles, home furnishings and retirement benefits are protected).
Do I have to qualify to file a Chapter 7 bankruptcy?
Unless your business debt exceeds your consumer debt, you must income qualify to be able to file a Chapter 7 bankruptcy.  If you make less than the median income for a family of your size, then you automatically qualify.  If you exceed the median income, then a means test is performed to determine if your filing is an abuse of the bankruptcy system.  An experienced bankruptcy lawyer can advise you if you qualify or not.

Mike is amazing to work with. He is very thorough and knowledgeable about what he does. For anyone unsure of options available to them he breaks them down in such a way that is understandable and helps one to make a clear, confident, and informed decision. He makes himself available for follow up as well and shows a genuine interest in helping his clients. Would highly recommend him.

I can’t begin to express how thankful we are to have met Mr. & Mrs. Wallace. They are truly an amazing team. From the moment you meet them you instantly feel a level of comfort. They have a wonderful balance of knowledge, professionalism and compassion.

Should I file Bankruptcy? Pros & Cons

Not sure if chapter 7 is right for you? Learn more about chapter 13 bankruptcy. Or simply schedule a time to talk with Mike.

Bankruptcy News & Resources

I Have Been Sued By a Credit Card Company. Now What?

CREDIT CARD COMPANIES MAKE IT A COMMON PRACTICE TO FILE LAWSUITS AGAINST DELINQUENT CARDHOLDERS If you have been sued by a credit card company or a junk debt buyer, you can count yourself among the thousands of individuals that are sued on a daily basis throughout the...

Financial Distress and Chapter 7 Bankruptcy

By Mike Wallace, Bankruptcy Attorney, serving clients in all of East Texas, including Lufkin, Nacogdoches, Palestine, Jacksonville and other surrounding communities Chapter 7 bankruptcy, sometimes called liquidation bankruptcy, is generally intended for those persons...

Basics of Chapter 7 Bankruptcy Filing

By Mike Wallace, Bankruptcy Attorney, serving clients in all of East Texas, including Lufkin, Nacogdoches, Palestine, Jacksonville, Tyler and other surrounding communities I have previously outlined the basics of Chapter 13 bankruptcy filing, so I am going to give an...

“We are a Debt Relief Agency. Our debt relief lawyers help people file for bankruptcy under the United States Bankruptcy Code.”