Chapter 7 Bankruptcy: A Fresh Start
Filing for Chapter 7 Bankruptcy in McKinney is one of the most widely
used and well-known forms of Bankruptcy.
Chapter 7 accounts for about 70% of cases that are filed. Chapter 7 bankruptcy is a type of
bankruptcy that allows you to get rid of most of your unsecured debt. This includes credit card
debt, medical debt, and personal loans. In exchange for the discharge of your debt, your non-
exempt property may be sold, and the proceeds given to your creditors.
Get a fresh start with Chapter 7 bankruptcy. The Law Offices of
Veronica Deaver in McKinney, TX can help you file for bankruptcy and
get rid of your debt.
You must pass an income test to be eligible for Chapter 7 bankruptcy. This test determines
whether you can repay your debts. If you pass the income test, you can file for Chapter 7
bankruptcy and get a fresh start.
The Chapter 7 process is relatively quick and painless. Most cases are completed within 3
months. During the process, you will need to provide information about your income and assets.
You will also need to attend a creditors’ meeting. Are you struggling with debt? Chapter 7
bankruptcy can help you get a fresh start. Contact The Law Offices of Veronica Deaver in
McKinney, TX today to schedule a consultation.
Examples of exempt property are:
· Retirement Accounts
· Sporting Goods
· Collectibles
· Electronics
· Furnishings
· Homestead
· Vehicles
Examples of non-exempt property include:
· Extra Cars, or boats, motorcycles, ATVs, etc.
· Land or Homes that are not your homestead.
Summary: Taking Out Money from Your Bank Accounts
If someone is suing you and you ask them for a deal, they may ask you to give them information about your money. This includes things you own that are worth the money and where you keep
your money in a bank account. They can take money directly from your bank account if you
provide them with this information.
In Texas, it is not allowed for someone to take money from your paycheck. However, they can
take money from your bank account if you give them your information. People from other states
can claim they are from another state and take money from your paycheck if your employer is
outside Texas.
When you make a deal with the person suing you, they will notify the tax authorities about the
money they did not pay you. This means you will have to pay taxes on the money that was
forgiven or not collected from you.
Be cautious and consider getting legal advice before giving any information or making deals
regarding your debts and finances. After the Chapter 7 process is complete, you will be
discharged from your debts. This means that you will no longer be legally obligated to repay
them.
If you are struggling with debt, Contact us today. Chapter 7 bankruptcy may be a good option for
you. It can help you get a fresh start and improve your financial situation. Contact The Law
Offices of Veronica Deaver in McKinney, TX today to learn more.
