Chapter 7 is the most common type of bankruptcy. While the term debt liquidation is often used in conjunction with this type of bankruptcy, the reality is that there is a great deal of exempt property allowed. Very few, if any, of a person's assets will actually be liquidated and applied to the debt. More often than not, people in Austin and throughout Texas emerge from Chapter 7 debt-free and with most of their assets in tact. Chapter 7 is a true fresh start.
At the law firm of Hickson Law, PC, we make sure that you understand what property can be kept in bankruptcy
before moving forward with your case.
While Chapter 7 impacts secured and unsecured debt
differently, Chapter 7 allows for the discharge of the majority of the debts that most people are faced with. It easily eliminates most credit card debt and medical debt. While student loans, past-due child support and a few other odd exceptions may not be discharged through Chapter 7, people often find that the debts discharged make it much easier for them to pay off those that remain.
Our firm features a Texas Board of Legal Specialization Certified Consumer bankruptcy attorney who will work with you personally to determine whether Chapter 7 is truly the right option for you.