Bankruptcy Lawyer for Chapter 7 Filings in Collin and Denton Counties
Deciding to file bankruptcy is a serious matter; it is important to understand the implications before choosing a path to debt relief. A reputable bankruptcy attorney will take the time to explain available options based on the prevailing circumstances of each client. Armed with these options, people are able to choose the best way to overcome financial challenges for themselves and their families.
Frisco bankruptcy lawyer, Théda Page, has more than 25 years of experience helping men, women, and families navigate challenging issues such as filing for bankruptcy, stopping harassment from creditors and addressing IRS garnishment. If you wish to learn more about filing for chapter 7 or chapter 13 bankruptcy, The Page Law Firm is ready to help.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is sometimes referred to as liquidation because all non-exempt assets are sold. This money is then distributed among creditors and any other entities to which you may owe an outstanding debt. But for most people, all of their assets are exempt, which means protected from liquidation. Additionally, in a Chapter 7 bankruptcy, certain debts incurred prior to filing are completely discharged, such as credit card debt. Some types of debts that may not be discharged include but are not limited to:
- child support (arrears and current);
- student loans (unless hardship can be proven);
- recent income tax debts;
- fines and penalties for law violations; and
- debts owed as a result of divorce (in some cases).
Essentially, this type of bankruptcy allows a debtor to start over from a financial standpoint. If you have high, revolving unsecured debt and can demonstrate an inability to repay, this may be a viable option. While some assets are exempt from liquidation, Théda will explain how filing for Chapter 7 may impact the assets you own and help you weigh the benefits and consequences. For example, you may be able to select certain assets (ie. houses and cars) for reaffirmation.
Filing Chapter 7 in Little Elm, TX
To help you determine if you are qualified, Théda will use The Means Test. Should you decide to go forward with Chapter 7 bankruptcy, she will walk you through the entire process and answer any questions you may have throughout the filing.
The Bankruptcy Code of 1978 (Title 11, United States Code) governs all bankruptcy cases. While there are state rules to adhere to and respect, every bankruptcy must also follow the Federal Rules of Bankruptcy Procedure. Théda is knowledgeable about the administrative process and will assist with:
- filing the appropriate paperwork and following established bankruptcy procedures;
- helping you to understand the time frames and deadlines for filing;
- ensuring you are aware of credit counseling and financial management instruction requirements;
- explaining the rules and process of reaffirmation, automatic stay and creditor meetings;
- working with your assigned bankruptcy trustee to make sure everything is properly handled; and
- taking care of any additional issues related to the bankruptcy as they arise.
As you can see, filing Chapter 7 bankruptcy is an exacting, paperwork intensive process. Having a knowledgeable bankruptcy lawyer on your side can help make the process run more smoothly and provide a single point of contact for the matter.
Contact a Denton County Chapter 7 Bankruptcy Attorney Now
Please contact our Chapter 7 bankruptcy lawyer today by calling 214-618-2101 We offer an initial consultation where we can discuss your bankruptcy matter. There is no cost to you for the first meeting. From our Frisco, Texas bankruptcy law firm, we serve Collin County, Denton County, The Colony, Little Elm, Prosper, Celina, Plano, Carrollton, Lewisville, Oak Point and McKinney. We look forward to speaking with you soon.