Chapter 7 Bankruptcy Can Eliminate Your Debt
We are Here to Help
You do not have to face your financial problem alone. When you get sick, you go to a certain type of doctor according to what type of illness you are suffering. That doctor is trained and experienced in that type of medicine, and he/she knows how to make you well. The same is true when you are suffering from a debt problem. You need a trained and experienced bankruptcy attorney to advise you of the best solution to cure your financial situation. To learn both your bankruptcy and non-bankruptcy options, please contact Pelley Law Office, L.L.P. for a free confidential consultation. We have been helping people throughout North Texas get a fresh financial start for more than 35 years.
Why File Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy is typically the chapter that we recommend if you are qualified. We do that because Chapter 7 is the quickest, the cheapest, and does the most for you. In a Chapter 7 bankruptcy, we normally file your bankruptcy and have your meeting of creditors within 45 days. Typically, you will receive a discharge within 60 days after that First Meeting of Creditors and you will be out of bankruptcy.
Misconceptions:
A common misconception is that after the law changed in 2005, very few people are eligible to file Chapter 7. That is simply not true. Pelley Law Office, L.L.P. recently did a study to compare whether the percentage of Chapter 7s versus Chapter 13s that we have filed since 2005 has significantly reduced. It has not. To the contrary, the percentage of 7s versus 13s we have filed since 2005 has remained about the same.
Another misconception is that if you file a Chapter 13 bankruptcy, you always pay back your credit card or other similar unsecured non-priority debt. To the contrary, that is rarely the case. Chapter 13 is extremely beneficial for a number of reasons.
Most people also mistakenly believe that bankruptcy will destroy their credit. To the contrary, your credit score should improve after you get your discharge if you follow our advice. Bankruptcy law was not written to kick you while you are down. The whole point is to give you a fresh financial start.
An integral part of obtaining a “fresh start” is the rehabilitation of your credit. We counsel you on how to rehabilitate your credit.
Will I Lose Everything?
Chapter 7 bankruptcy is also called a "liquidation" bankruptcy, a term that suggests everything you own will be sold off to pay your creditors. That is just not true. Bankruptcy law and the Texas Property Code have exemption statutes that help you protect your home, car, furniture, clothing and personal effects. Almost all of our clients retain all of their assets when filing Chapter 7 bankruptcy.
Our experienced bankruptcy lawyers understand how to analyze your situation and determine if Chapter 7 bankruptcy is the best option for you. We will also discuss Chapter 13 bankruptcy and all of your non-bankruptcy options. It costs you nothing to learn how we can help you. The initial consultation is free.
If you are seeking an experienced bankruptcy lawyer who will evaluate your situation and explain all of your options, please contact Pelley Law Office, L.L.P. today to schedule a free confidential consultation. You will be under no obligation to hire us, and you will then know your alternatives. We look forward to speaking to you and explaining how we can help.
Pelley Law Office, L.L.P. has been named by The United States Congress in Washington, D.C. as a debt relief law firm and we help people file for bankruptcy relief under the Bankruptcy Code.
