Bankruptcy Chapter 7 in Fort Worth may be an option for you if you are unable to pay your debts. This type of filing may be the best way for you to resolve your financial situation and get on the right path to a new life without debt.
To file bankruptcy Chapter 7 in Fort Worth
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What is Bankruptcy Chapter 7 in Fort Worth?
While no decision about your financial problems is easy, 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 case, 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” debts that you owe, in order of their priority.
- 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.
Bankruptcy Chapter 7 in Fort Worth Can Put An End To The Stress Of Debt
When you are faced with insurmountable debts with no end in sight, the stress and fear can be overwhelming. That’s why you need a qualified bankruptcy attorney to evaluate your case, advise you about all available options, and help you make the best decision for you and your family.
We pride ourselves on our commitment to providing individualized legal representation in every case. If you contact our office, you can rely on us to assist you in making a clear plan for your financial future, and to help you carry out that plan, every step of the way.
Effects Of Filing Bankruptcy
You may be considering bankruptcy Chapter 7 in Fort Worth to stop creditors from harassing you, sending you collection letters, and calling you about your debts. You also may be subject to mortgage foreclosures, collection lawsuits, and wage garnishments as a result of your debts.
- Once you have filed, all collection activity must stop for a certain period of time while your case is ongoing with the court.
- Wage garnishments that are in effect must stop until further notice.
- Plus, all creditors must communicate with your attorney, not you. So you will be relieved to no longer experience harassing phone calls.
How To File Bankruptcy Chapter 7 in Fort Worth
An experienced attorney can assist you with all of the paperwork necessary when filing this type of case. With the help of your lawyer, you will give the court all of the information about the assets that you own, such as real estate, bank accounts, and vehicles. You must also provide information about the debts that you owe, including the following:
- Name and address of the creditor
- Amount of the debt owed at the time of filing
- Type of debt (credit card; car loan; mortgage; medical bill; etc.)
- You must identify whether the debt is secured by property (such as a mortgage loan secured by a house)
Completing Bankruptcy 7 in Fort Worth
Once your attorney has finished completing all of the necessary paperwork, it will be placed on file with the court. The court will then review your petition and make sure that they have all of the required information. The court gives notice of your filing to all of your creditors, and their collection efforts must stop. After you have complied with all of the court’s requirements, the court is likely to grant you a Chapter 7 discharge.
Moving On To A New Life
Once your bankruptcy 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 money, budget your finances, pay your bills, and avoid going into debt in the future.
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Alice Bower offers bankruptcy services to clients throughout Fort Worth, Arlington, and Bedford, Texas. Nothing on this website constitutes legal advice or creates an attorney-client relationship. Information is given for discussion purposes only. We cannot promise the outcome of your case, as results may vary.