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Financial Distress and Chapter 7 Bankruptcy

Financial Distress and Chapter 7 Bankruptcy
By Mike Wallace, Bankruptcy Attorney, serving clients in all of East Texas, including Lufkin, Nacogdoches, Palestine, Jacksonville and other surrounding communities

Chapter 7 bankruptcy, sometimes called liquidation bankruptcy, is generally intended for those persons who have unsecured debt and qualify for relief under the current bankruptcy law.

The term liquidation bankruptcy is for the most part a misnomer, because in the overwhelming majority of chapter 7 cases there is no property to be liquidated.

These types of cases are commonly referred to as “no asset” cases.  In the unusual circumstance that a chapter 7 debtor might have property that cannot be exempted under the bankruptcy law, then an appointed trustee will liquidate that property to pay to the debtor’s creditors.

If you are in a situation that has placed you in financial distress, then please give me a call and lets talk about the possibility of a chapter 7 bankruptcy.

If you are burdened by medical bills, finance companies, payday loans, credit cards or any other debt that is keeping you awake at night, I want to talk to you about the possibility of helping with your burden.

Even if you have student loan debt, which is in most case nondischargeable, it might be all the more important to discuss bankruptcy if you have other debt coupled with the student loan debt.

Since you have choices in who you hire to represent you in a bankruptcy, I would ask that you allow me an opportunity to discuss an affordable option for your particular circumstances.  I always offer a discount for seniors who are on a limited fixed income.
As always, any opinions expressed on this website are just that, opinions. So if you have a question regarding bankruptcy or debt relief, then please give me a call to discuss your individual situation.  Bankruptcy, as many other areas of the law are very case or fact specific.  I pride myself on giving you the answers to your questions that are based on your individual circumstances.

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