Chapter 7 Bankruptcy

Dallas Chapter 7 Bankruptcy Lawyers May Help You Wipe Out Debt

Fort Worth Debt Relief Attorneys: Get Free of Credit Card Debt & Medical Bills

If you find yourself without the disposable income to pay for even the basic necessities of life, you are not alone. You may be among the 6 percent of people in the state who are unemployed. As a result, you may be without health insurance. Are you aware that the majority of people filing for bankruptcy in America, do so because of staggering unpaid medical bills?

Wiping Our Your Unsecured Debts in Six Months or Less

If you find that hospital bills and credit card debts are putting a strain on your family, Fears Nachawati Law Firm has legal solutions that can help you climb out of debt. By choosing a Chapter 7 bankruptcy, you may be able to legally eradicate all of your unsecured debt within 4 to 6 months. Once your debt is eliminated, it frees you up to pay for family expenses and for major bills like your mortgage and car payment.

By filing for Chapter 7 Bankruptcy, you can potentially wipe out:

  • Medical Bills and Credit Card Debt
  • Personal Loans and Signature Loans
  • Old Utility Bills and Unpaid Back Rent

Can I Protect My Assets if I File for Bankruptcy?

Chapter 7 bankruptcy is often referred to as a “liquidation” bankruptcy. By law, the Trustee assigned to your bankruptcy estate has the power to liquidate some or all of your property and distribute the assets among your creditors. In most cases, no assets are ever sold or liquidated because many of your assets are protected under federal or state bankruptcy exemptions.

Texas bankruptcy exemptions are generous. Under most circumstances, you may keep your primary residence. Generally, each qualified adult driver in your household may keep one vehicle. Most retirement funds are protected. Much of your personal property: food, clothing, home furnishings, appliances, can also be exempt from creditor seizure under Texas bankruptcy laws. Great News! In Texas, you can also protect: 2 horses, mules or donkeys; 12 heads of cattle; 60 head of other livestock; 120 fowl; and forage for each animal.

Qualifying for Chapter 7 by Passing the Means Test

To file a Chapter 7 bankruptcy, you must first pass the “Means Test.” One of our Dallas Chapter 7 bankruptcy lawyers can easily guide you through the process. They will ask you important questions about your income, debts and expenses. Then they will compare your median income to the median income of others who reside in your county to determine if you are eligible for Chapter 7 bankruptcy.

If your family income for the past six months falls below the median income for a family of the same size in your county, then you may qualify for Chapter 7 bankruptcy. If it does not, then you may still qualify based on your monthly expenses. If, after a complete analysis of your financial situation, you still do not pass the Means Test, Chapter 13 bankruptcy may be your best solution.

Personal Obligations in Bankruptcy

You must fulfill certain obligations during bankruptcy to receive a debt discharge, including:

  • Credit Counseling — before you file for bankruptcy, you must pass a credit counseling course which is recognized by the U.S. Trustee’s Office. You must give the “Certificate of Completion” to your attorney to file with the Court.
  • Personal Financial Management Course — you are obligated to pass a “Personal Financial Management” course. If you fail to do so, you cannot be given a discharge. The course can be completed up to 45 days past the date of your 341 Meeting of Creditors.
  • You must attend a 341(a) Meeting of Creditors. If you fail to appear, your debts will not be discharged. Your creditors have the opportunity to be at the hearing, but often they don’t appear. The Trustee will ask you a number of questions about your finances under oath. The hearing typically occurs 30 to 45 days after your petition is filed.

Discharge of Debts

If all goes well, in about 90 days following the 341(a) Meeting of Creditors, your debts should be discharged by the Bankruptcy Judge. You will then receive a copy of the signed discharge order in the mail.

A Dallas Chapter 7 Bankruptcy Lawyer can explain how a Chapter 7 “straight” bankruptcy works and how fast you may be able to have your debts discharged. Please call Fears Nachawati Law Firm at to schedule a free case evaluation with a Fort Worth debt relief attorney today.


“Fears & Nachawati Law Firm was a tremendous help in the filing of my Chapter 7 bankruptcy. They were very professional and efficient in handling my case. My case was discharged recently and my life is much more pleasant. The paralegals at F*N are great and are the backbone to the law firms’ success. Gail Levine (paralegal) is a wonderful and knowledgable person. Gail provides great advice and responds timely to inquiries both in email or phone. Rebecca Gattis (paralegal) was great as well and provided answers to all my questions. Trust F*N with your legal matters.”


9/7/2011

— Wylie, TX