Chapter 7 is typically the Chapter we recommend if our clients are eligible. It is very quick, it is very beneficial for the client, and we feel it is the fastest way to help our clients get back on track with their credit score.
Chapter 7 is called a "liquidation bankruptcy." However, almost none of our clients who file Chapter 7 lose any of their assets they wish to keep. We visit with our clients, review their assets with them and advise how we can claim them as exempt.
In Chapter 7, you can retain your interest in your home, your cars for each driver in the family, your personal property in your home, and discharge your unsecured debts (credit card & medical bills).
Over 70% of the cases we filed in the first quarter of 2010 were Chapter 7 cases. Most people in Collin County and the surrounding counties fail the first part of the Means Test
. However, most of those same people pass the second part of the Means Test and are able to file Chapter 7