Chapter 7 Bankruptcy – Debt Elimination
How Chapter 7 Bankruptcy Can Help
Chapter 7 bankruptcy will allow you to discharge all or most of your debt and get a fresh start in your finances. Before you file, you will need to determine if you qualify and then if you'll be able to keep all or most of your property. Almost everyone who files chapter 7 will be able to keep their assets. After your forms are completed and submitted, and your documents have been sent to the bankruptcy trustee appointed to your case, we will arrange for you to attend a meeting of creditors. You will then need to complete a debtor education course. Then after 3-4 months, you'll receive the bankruptcy discharge wiping out your debt
In order to qualify for Chapter 7, income requirements must be met. If you are able to qualify for Chapter 7, you will be able to get rid of most of your debt. If you have excess income, you might not qualify for a Chapter 7; however, you might be eligible for a Chapter 13 bankruptcy.
In addition to eliminating your debt, typically, you can keep some or all of your property. If you are current on your car and mortgage payments, creditors will usually offer reaffirmation agreements that will allow you to keep your property and continue to make the scheduled payments. We will explain this process to you during your first visit.
Put a Stop Creditor Harassment
If you are being bothered by creditors at work, or if they are harassing your family, friends, and calling at all hours—we are here to help. We will help keep the creditors off your back. Although you may want to keep paying some debts, like your home or car, you will be able to stop paying most creditors immediately. Call (512) 930-5511 now and speak with an attorney today for a free consultation to discuss your particular case.
Eliminate Repossession Debts
If you have a vehicle repossessed, the finance company will auction it to reduce their loss, but you're still responsible for the balance after the sale proceeds are deducted. Chapter 7 bankruptcy can eliminate the liability for your entire balance. You can remove the risk of a lawsuit or wage garnishment by filing a Chapter 7 bankruptcy.
Filing a Chapter 7 bankruptcy is one of the most efficient and effective ways to stop wage garnishments immediately. Garnishments can diminish your hard-earned income and make it almost impossible to afford your basic necessities. If you file a Chapter 7 bankruptcy and stop the garnishment, you'll be able to use your income for more important things and start planning for your future.
End Lawsuit/License Suspensions
Texas has imposed laws that allow them to suspend your license if you failed to maintain liability insurance at the time of an accident. Our attorneys can help you get your license reinstated if it was suspended due to an uninsured accident or unpaid parking tickets. We can also put a stop to lawsuits related to those car accidents. If you are being sued, and you own a home, we strongly urge you to speak with our office as soon as possible about filing bankruptcy. Filing a bankruptcy will stop lawsuit actions immediately and prevent your creditors from placing a lien on your home and garnishing your hard-earned wages.
Rebuild Your Credit After Bankruptcy
The stigma of filing bankruptcy is one of the most common concerns that we hear from clients. But there is reason to have hope because the ability to reestablish your credit after a bankruptcy is better now than it has ever been. Although bankruptcy can remain on your credit report for up to 10 years, you can start reestablishing your credit immediately and restoring your good name.
What Chapter 7 Will Not Eliminate
Filing for bankruptcy does stop most collection actions and rid you of many debts; however, it does not eliminate all obligations. Debts that can remain are:
At Mark Morales & Associates, we provide you with the legal resources and sensitive counsel you need to succeed. If everything seems to be falling apart, we can help you piece your finances back together. Call us today at (512) 930-5511 for a free consultation.