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.
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.
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.
We are so thankful and greatful we came to Alice for our bankruptcy.- Aurelio S.
Alice and her team are absolutely amazing!- Yessenia C.
Highly Highly Recommend Alice Bower's office to any person who needs help.- Sanjay A.
This whole office cares for their clients- Tracy P.
I highly recommend her services- Abram C.