Understanding Chapter 7 Bankruptcy

Posted by John A. HixsonDec 02, 20190 Comments

Chapter 7 bankruptcy is a common type in the state of Texas. This bankruptcy type can be declared by an individual or a business, allowing them to pay back debts to debtors. If a bankruptcy application is accepted in Texas, then the legal status is given as a court order. This helps the individual or business avoid debt collectors and make sure that certain debts are paid back. With the help of Attorney John Hixson from the Hixson Law Firm, you can assure that your financial future is secure.

Specifics of Chapter 7 Bankruptcy

With this bankruptcy type, you can keep certain assets. This can include a car, house, and other things you need for daily living. However, any non-exempt assets are liquidated, the proceeds earned put toward paying down the debt.

When preparing to file Chapter 7 bankruptcy, you must gather various documents, such as credit card statements, loan statements, and bank statements. This helps our bankruptcy attorney determine the amount of debt you have amassed. A means test is then calculated to determine whether you can file for Chapter 7 bankruptcy. Our bankruptcy lawyer can take care of the bankruptcy paperwork for you and update you on the process, makes this a stress-free experience for you.

Schedule a Free Legal Consultation with a Bankruptcy Attorney in Arlington, Texas Today

To learn more about Chapter 7 bankruptcy and to determine if you're eligible, contact our bankruptcy lawyer at Hixson Law Firm. Our compassionate and professional legal staff is eager to help you to overcome your financial problems.

The Hixson Law Firm serves the cities of Arlington, Grand Prairie and Mansfield, Texas. To schedule a free legal consultation at our Texas law office, call us at (817) 261-5000 today.