Filing For Chapter 7 Bankruptcy To Reset Your Finances

Chapter 7 bankruptcy can offer a clean slate to individuals, families and businesses that are struggling to pay for everyday expenses. At Law Offices of Viviana Cavada, we take pride in helping clients reduce their stress and feel financially free again.

If you are considering filing for Chapter 7 bankruptcy, it is important to understand that the court may liquidate, or seize and sell, some of your property in exchange for discharging certain debts. In many cases, our clients are able to keep their homes and other personal property.

Which Property Can You Keep? Explaining Asset Liquidation.

The thought of liquidation may be intimidating, but certain assets have protection in bankruptcy. These protected assets are exempt from liquidation. Our firm can explain which items you could likely keep if you file for Chapter 7 bankruptcy.

Cars, sentimental property and some furnishings are exempt up to a certain value. In Texas, houses are also exempt up to a certain acreage regardless of their market value. These exemptions allow you to maintain the necessities of life as you move forward after bankruptcy.

Chapter 7 Bankruptcy Does Not Eliminate All Obligations

While bankruptcy can be a solution to crushing medical bills or credit card debt, for example, be aware that other types of debt are ineligible for discharge, such as:

  • Student loan debt
  • Alimony or child support payments
  • Some types of unpaid tax obligations
  • Criminal fines

Secured debts, such as car loans or home mortgages, follow special rules. If a creditor has the right to repossess a secured property, you may lose the property if you cannot make the related payments. Instead, a Chapter 13 bankruptcy may be a more suitable alternative if you are falling behind on mortgage payments. Your attorney can advise you further according to your specific properties and circumstances.

Call Us For More Bankruptcy Information

Filing for bankruptcy is an important decision; it has the potential to give you a new beginning. Law Offices of Viviana Cavada is available to discuss Chapter 7 bankruptcy with you during a consultation at our office in Haltom City. Our clients come from throughout the Fort Worth area. Call 817-900-3826 or send us a message to begin seeking debt relief and a fresh start. Our experienced lawyer will work to help you reduce as much debt as possible so that you can start anew toward financial stability.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.