Fort Worth Chapter 7 Lawyers

Providing Dependable Debt Relief Solutions

If you are like thousands of Americans struggling in this troubled economy, chances are you have thought about filing for bankruptcy. Bankruptcy is one way to protect yourself from creditors and help resolve your debt.

The bankruptcy lawyers at Alice Bower, Attorney at Law can clear up a lot of confusion regarding your options. If you are burdened by debt and tired of harassing phone calls from collections agencies and nasty letters from mortgage companies, we are ready to help you.

Many people fear individual bankruptcy as a last resort option. However, bankruptcy can serve as a fresh start and a way out from financial difficulties. Our Fort Worth chapter 7 attorneys have the skills and experience it takes to help you find real, long-lasting solutions.

Contact us now at (817) 241-5552 so that you come out of debt with greater pride, solvency, and financial choices.

WHAT IS CHAPTER 7 BANKRUPTCY?

No decision about your financial problems is easy. However, a Chapter 7 proceeding is among the simplest ways to alleviate your high debt burden and allow you and your family to start fresh.

In this type of bankruptcy, you are entitled to keep some of your assets, which are referred to as your “exempt” assets. The remainder of your assets are sold or liquidated. The proceeds from the sale of any property or assets are then applied to “pay down” unsecured debts that you owe, in order of their priority.

Which debts are discharged in Chapter 7?

Some unsecured debts you may be able to discharge in a Chapter 7 bankruptcy include:

• Credit card debt
• Most personal loans
• Medical bills
• Most utility bills

Once you have filed your bankruptcy petition, the automatic stay goes into effect. This ceases most collection efforts and contact attempts from creditors. This can be a welcome relief for debtors as they rebuild their finances.

Any of your remaining debts after all assets are liquidated are discharged by the court. This means that the creditors, or the companies or people to whom you owe money, can no longer attempt to collect more money from you.

Eligibility for Chapter 7 Bankruptcy

Chapter 7 bankruptcy is essentially a discharge of debt and a liquidation of assets in order to satisfy creditors. First, a debtor must see if they qualify for Chapter 7 or consider other avenues like Chapter 13 or debt consolidation. You may qualify for Chapter 7 bankruptcy if you have few or no assets and/or no surplus income after your monthly expenses.

To determine whether you are eligible, you will need to file a federal form called the 22A, also known as the “Means Test." If your income is below the state median, you are automatically eligible, although in some cases your income can be above this level.

Steps for Filing Chapter 7 Bankruptcy

While our debt relief attorneys can explain the qualifications in detail, we want you to be prepared for what the process will generally look like.

The primary steps of a Chapter 7 bankruptcy include:

• Filing required paperwork such as your petition, schedules, and statements with the bankruptcy court clerk
• Assignment of a judge and trustee are automatically assigned to your case
• Attending a meeting with your attorney and Chapter 7 bankruptcy trustee, usually 30 days later
• Completing a Personal Financial Management Course, and turning over any non-exempt property to the trustee to administer

Moving Forward with Your New Life

Once your bankruptcy case is finalized and the court grants you a discharge, you are no longer responsible for the remaining debts that were included in your case. This will allow you to start working on rebuilding your credit and focusing on paying your current household expenses.

With a cloud of debt no longer hanging over your head, you will be able to save, budget, pay bills, and avoid future debt. With Alice Bower, Attorney at Law at your side, you can finally move on to a fresh start.

Call our law firm today at(817) 241-5552 or contact us online. Our Fort Worth Chapter 7 lawyers can help relieve you of the crushing burden of debt.