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Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a means of discharging all of your debt within a short time. There are financial limits to qualify for Chapter 7 based upon median income and the means test. When you meet with an attorney at Coats & Todd, we will evaluate your finances to determine if Chapter 7 is an option. The attorneys at Coats & Todd are your advocates throughout the entire bankruptcy process. From the filing of your papers to the 341 creditor meeting and discharge, we step in and protect your interests.

How Chapter 7 Works

Under Chapter 7 bankruptcy, your debts will be discharged. This means you will not have to repay them. Unsecured debts, such as credit cards and medical bills, are often discharged. If you have secured debts, such as a house or car, they may be liquidated. The money from the sale will go to the lien holders. You may be able to keep your house and car if you reaffirm your agreements (loans) with the lenders and are able to continue paying them. You cannot discharge debt for spousal or child support, taxes, wrongful death or injury suits, or student loans without showing special circumstances.

When you file, you will receive an automatic stay, which stops all collection activities during the bankruptcy process. This will stop creditor calls and prevent wage garnishing, filing of liens and property seizure. Chapter 7 bankruptcy only takes two to three months and is a straightforward process. We usually can file for you after only one meeting. Things to bring to your consultation include:

  • Two credit reports from different credit reporting agencies
  • A list of your expenses and income
  • Statements from any other debt not on the credit report

Don’t Delay

We serve clients in Plano, Richardson and throughout Texas to give them a financial fresh start. To make an appointment, please call 888.898.9189 or contact us.