Chapter 7: A Liquidation Bankruptcy
For debtors in financial difficulty without the ability
to pay existing debts.
Chapter 7: A Liquidation Bankruptcy
For debtors in financial difficulty without the ability to pay existing debts.
The purpose of filing a Chapter 7 is to obtain a discharge of your existing debts. A discharge means you no longer have a legal obligation to pay the debt. The debt in essence is “wiped-out.” The creditor cannot contact you or sue you after you receive your discharge.
Debts are Determined by Bankruptcy Court
Bankruptcy court can determine that a debt is not discharged if a creditor can prove that a debt arose from fraud, breach of fiduciary duty, or theft, or from a willful and malicious injury. The attorney will review your list of debts to determine the eligibility of discharge.
NOTE: The majority of cases we see are known as a non-asset case which means that you will not lose any of your property. The attorney will review your case and list of property to determine the exemption laws.
Discharges ALLOWED in Chap. 7:
Discharges NOT ALLOWED in a Chapter 7:
Property allowed to keep in a Chapter 7:
Discharges ALLOWED in Chap. 7:
Discharges NOT ALLOWED in a Chapter 7:
Property allowed to keep in a Chapter 7:
Why Barron and Barron?
What makes Barron & Barron Law Firm the Right Choice for your Texas Bankruptcy?
Barron & Barron, LLP, is an experienced law firm with two Board Certified Consumer Bankruptcy Attorneys and Certified Public Accountant on our staff. Our attorneys exclusively handle all Chapter 7, Chapter 11, and Chapter 13 bankruptcies for individuals, families and businesses which ensures we are highly qualified. We are up to date on all bankruptcy laws and have probably handled a case just like yours.
Our attorneys have filed more Bankruptcy cases than any other attorney in the Eastern District of Texas in the last 24 years and have over 60 years of Bankruptcy Law experience.
Barron & Barron law firm is family owned. We understand your situation and have the experience to help you regain control of your finances. Let the Barron Law Firm help you to become debt free again. We can help put you back on track to a financial freedom.
Don’t Face Your Financial Troubles Alone