Chapter 7 Bankruptcy Lawyer Frisco, TX
If you don’t earn much income and you’re increasingly tempted to stop answering your phone because too many calls are from debt collectors, please schedule a consultation with an experienced Chapter 7 bankruptcy lawyer Frisco, TX residents trust. Depending on the types of debt you have, how much you earn, and the types of property you own, filing for Chapter 7 bankruptcy may be an excellent debt management option for you.
Prior to the 2008 recession, the process of filing for bankruptcy was highly stigmatized. However, the Great Recession helped to educate Americans about the reality that even the hardest working and most financially responsible individuals can find themselves grappling with significant debt through either little or no fault of their own. Filing for Chapter 7 bankruptcy helps to ensure that low-income debtors do not remain so weighed down by debt that they can’t hope to pay down anytime soon that they can’t meet their basic needs.
Chapter 7 Bankruptcy – Step by Step
When you meet with the experienced Texas legal team at The Allmand Law Firm, PLLC, we’ll take the time to learn about your financial situation so that you can make an informed decision about how to manage your debt. Filing for bankruptcy isn’t the best option for everyone. However, if you have a significant amount of unsecured debt (including credit cards, medical debt, etc.) that isn’t “secured” by property (like mortgages and car loans are) and you don’t earn much income, Chapter 7 bankruptcy might be a great option for you.
Our Frisco, TX Chapter 7 bankruptcy lawyer team will be able to clarify your options in-part by asking you about your income level and household size. Only members of low-income households are eligible to file for Chapter 7 bankruptcy. The evaluation of your income level and household size against Chapter 7 income eligibility restrictions is called the Chapter 7 Means Test.
If you pass the Means Test, you’ll need to complete a pre-filing credit counseling course with an organization approved by the U.S. Bankruptcy Courts before you’ll be able to file a formal bankruptcy petition. Completing this course doesn’t take long.
We’ll then work to prepare your bankruptcy petition. While we’ll do all the “heavy lifting,” we will need you to track down some information about your debts and we’ll need you to make a list of your property and assets. Any property that is considered “non-exempt” can be sold by your case trustee, so we’ll work to exempt as much of your property as we possibly can. Most Chapter 7 filers are able to retain ownership of either all or most of their property and assets.
The primary remaining requirements for your bankruptcy involve taking a second educational course (on money management) and attending a meeting with your case trustee. Our team will prepare you for every step of the process.
Legal Assistance Is Available
Scheduling a consultation doesn’t obligate you to file for bankruptcy. This confidential meeting will simply allow you to ask questions and explore your options. Please connect with our Frisco, TX Chapter 7 bankruptcy lawyer team today; we look forward to speaking with you.