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.
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.
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?
Do I have to go to court when I file a Chapter 7 bankruptcy?
What will happen to my credit score when I file bankruptcy?
Since Chapter 7 bankruptcy is called liquidation bankruptcy, what property will I have to give up to the appointed trustee?
Do I have to qualify to file a Chapter 7 bankruptcy?
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.