Chapter 7 Bankruptcy Lawyers in Texas

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Our experienced Fort Worth and Dallas bankruptcy attorneys serve the needs of people who are looking for debt relief in the form of a Chapter 7 bankruptcy.
A Chapter 7 bankruptcy attorney can help find the best outcome for financial problems that come up unexpectedly. Divorce, unemployment, sudden medical expenses – all of these can quickly drain your cash reserves and leave you penniless.

What is Chapter 7 Bankruptcy?

Unlike its counterparts, Chapter 7 bankruptcy does not entail the filing of a payment plan. Many people are leery of Chapter 7 bankruptcy because they think the trustee will sell all of their property. In most cases, no property has to be given up or sold. It is important to realize that Chapter 7 does not provide protection against foreclosure or repossession, however, so if one of your goals is to save your home or your car through bankruptcy, a Chapter 13 bankruptcy might be more advantageous.
To be eligible for Chapter 7, the debtor must be a person, corporation, partnership, or other business entity. It does not matter how solvent the filer’s debts are.
The filer must also complete a credit counseling course with an approved agency (generally online or over the phone). There are sometimes exceptions concerning eligibility as determined by the bankruptcy court. The main goal of Chapter 7 is to provide the debtor with a “fresh start.” Once the debts have been discharged through the protection plan, the debtor is no longer responsible for those debts.

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How to Qualify for Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a rather quick process that may take a few months. Not everyone has the qualifications for Chapter 7 bankruptcy, but most people who are experiencing financial challenges will meet the requirements to file. Chapter 7 works best for people who:

Required Documents for Chapter 7

One of the most time consuming parts of filing for bankruptcy is gathering all the information that is required. Below is a general list of the paperwork you will need in a typical filing. First, create an inventory of all your assets and their fair market value. If you have statements for these items, include the most up-to-date statement. These include:

  • Have a lot of credit card debt and/or medical bills
  • Keep receiving collection calls and notices
  • Do not have enough income to pay off bills
  • Do not own much property or are current on house and car payments
  • Have low credit score

Since 2005, bankruptcy laws require that the people seeking Chapter 7 protection submit their proof of income. If your income is equal to or below the state median income level, you will be eligible to file for Chapter 7. However, if your income exceeds the state median income level, you may be required to undergo means testing. Means testing determines if you are able to repay some of your unsecured debt with disposable income, or income that may be left over at the end of the month after all necessities are paid. Leinart Law Firm offers a complimentary consultation and evaluation, during which we can determine whether you have qualifications for Chapter 7 bankruptcy requirements.

I hired Mr Leinart after many failed attempts to get my mortgage company to work with me when I lost my job. Leinart filed for me at the last minute and saved my home from foreclosure. I’ve been able to catch up on all of my payments and get rid of the credit card debt I accumulated while out of work. I’m so thankful for everyone at Leinart.

-Lina Lewis

Additional Information Needed to File Bankruptcy in Texas

There are some forms of debts that are not dischargeable, such as student loans, child support and some taxes. When a debtor files for Chapter 7 bankruptcy protection, there are a series of additional forms that must also be submitted. These forms include the following:

  • A list of assets
  • A list of liabilities
  • An income report
  • A list of current expenses
  • A schedule of any executory contracts and leases
  • A copy of the debtor’s most recently filed tax returns
  • Proof of credit counseling
  • A list of exempt property

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