Chapter 7
Chapter 7 Bankruptcy Lawyer in Texas
Chapter 7 provides individuals with the chance to discharge certain debts, rebuild credit, and regain financial stability. A Chapter 7 bankruptcy lawyer can guide you through the process to ensure the best possible outcome.
What Can Be Discharged?
Chapter 7 eliminates unsecured debts, including:
- Credit card balances
- Medical bills
- Payday loans
- Deficiencies from repossessions or foreclosures
- Certain tax debts
Exploring Other Bankruptcy Options
- Chapter 13 Bankruptcy: A reorganization plan for individuals who want to keep their assets while repaying debts over time. This is ideal for those with regular income who may not qualify for Chapter 7.
- Chapter 11 Bankruptcy: A restructuring option often used by businesses but also available for individuals with substantial debt and assets. It allows debt repayment while maintaining operations or property ownership.
Your Chapter 7 bankruptcy lawyer can help evaluate these options and guide you toward the right solution for your situation.
The Process of Chapter 7 Bankruptcy
- Pre-Filing Credit Counseling
Complete a credit counseling course online or by phone, filing a certificate of completion with the court. A Chapter 7 bankruptcy lawyer ensures all required steps are completed accurately. - Filing the Petition
Your lawyer will file the necessary bankruptcy petition, including all financial documentation, to kickstart the process. - Automatic Stay
Once filed, an automatic stay goes into effect, halting collection actions, lawsuits, and garnishments. Your Chapter 7 bankruptcy lawyer will ensure you understand the protections offered by this step. - 341 Meeting of Creditors
About 30 days after filing, you’ll attend a meeting with the trustee. Creditors may attend but rarely do. Your Chapter 7 bankruptcy lawyer will prepare you for this meeting. - Financial Management Course
Within 60 days of the creditors’ meeting, complete a financial management course and submit proof to the court. - Discharge of Debts
After your case, a federal judge issues a discharge order, officially erasing eligible debts.
Non-Dischargeable Debts
Not all debts can be wiped out, including:
- Student loans
- Alimony and child support
- Fraudulent debts
- Certain taxes
- Court-ordered fines
Your Chapter 7 bankruptcy lawyer can explain these exclusions and how they apply to your case.
Liquidation and Asset Protection
A trustee evaluates your case to determine if any non-exempt assets can be liquidated to repay creditors. However, generous Texas exemptions often protect homes and vehicles. With the help of a Chapter 7 bankruptcy lawyer, you can better understand which of your assets are protected
Eligibility Requirements
Eligibility for Chapter 7 is determined by the means test, which compares your household income to Texas median levels:
- Single: $46,127
- Married with one child: $60,935
If your income exceeds the median, deductions may help you qualify. Otherwise, Chapter 13 may be a better option. A Chapter 7 bankruptcy lawyer can assist in determining your eligibility and exploring alternatives if necessary.
Why Choose Sims Bankruptcy Law?
Bankruptcy can be complicated, but Sims Bankruptcy Law simplifies the process. We offer:
- Flexible payment plans
- Expertise in multiple bankruptcy types
- The support of an experienced Chapter 7 bankruptcy lawyer to guide you every step of the way
- Personalized strategies to help you rebuild your financial future
Ready to Begin?
Call 469-751-7467 or 254-304-7161 today to schedule a consultation with a trusted Chapter 7 bankruptcy lawyer and take the first step toward financial freedom!
