Pelley Law Office LLP
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214-733-1775
972-608-0335
903-813-4778

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Why file a Chapter 7 bankruptcy?

Chapter 7 is typically the Chapter we recommend if someone needs to file bankruptcy.  It is the quickest, the cheapest and the easiest to file if you are eligible.  The debtor needs to be current with the secured creditors that he/she wishes to keep.  In other words, if you want to keep your house and file a Chapter 7 rather than a Chapter 13 (which would help a wage earner get caught up on the arrears on the house) then you would need to get current.

Chapter 7 lasts 6 months, whereas Chapter 13 lasts a minimum of 36 and maximum of 60 months.   Chapter 7 is called a liquidation proceeding, a term that implies that people lose their property that they have worked hard to acquire if they file.  That simply is not true.  Under either Chapter 7 or Chapter 13 bankruptcy there are two lists of exemptions under the Texas Property Code and the Bankruptcy Code so that most of our clients lose none of their property.  Before the bankruptcy is filed we counsel our clients at length about the exemption schedules.

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Office Locations

Plano office
Sherman office
Dallas office

Plano Office
1312 14th Street, Suite 100
Plano, Texas 75074

Phone: 972-608-0335
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Sherman Office
905 North Travis Street
Sherman, Texas 75090

Phone: 903-813-4778
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Dallas Office
6060 North Central Expressway, Suite 602
Dallas, Texas 75206

Phone: 214-733-1775
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