A personal bankruptcy lawyer in Plano TX will help you file Chapter 7 personal bankruptcy and put an end to creditors’ phone calls. Chapter 7 bankruptcies are sometimes called liquidation or straight bankruptcy. You will get a financial fresh start and be freed from your debts, as well as sell your assets and creditors will receive payment, according to terms agreed upon by you, your bankruptcy lawyer and creditors. Married couples, individuals, partnerships and corporations may file for Chapter 7 bankruptcy..
Chapter 7 bankruptcy involves a means test to determine how your income and expenses compare to your state’s standards. Your personal bankruptcy lawyer in Plano TX will assist you with budget analysis and mandatory credit counseling to help you prepare your case. You’ll file an official petition and statement of financial affairs in bankruptcy court. You need to give the court a list of creditors, the amount of your monthly income, living expenses and a list of the properties you own.
After you’ve filed your petition, the trustee convenes a meeting of creditors known as a “341 meeting.” You need to attend, and you’ll answer questions regarding debt and property while under oath. After this meeting, you’ll provide the trustee with any requested documents or information. Creditors have 60 days to prove to the bankruptcy court that your debts should be paid and not discharged. Your personal bankruptcy lawyer in Plano TX will counsel you on what you should and shouldn’t do in a 341 meeting.
A creditor may work with you to reaffirm a debt. Reaffirmation of a debt means you agree to repay the money you owe and get to keep your car or other property. You have to reaffirm debts within a 45 day period after the 341 meeting; you can’t just pay loan installments as they are due. You can also take advantage of a purchase option within 45 days of the 341 meeting. This option lets you buy back a vehicle or other items you owe within the 45 day period. This option isn’t used much since most Chapter 7 bankruptcy filers don’t have enough cash to take advantage of it.
Greg Arnove of Collins and Arnove is a board certified personal bankruptcy lawyer in Plano TX. He’s practiced bankruptcy law in North Texas for over 20 years, representing Chapter 7 and Chapter 13 clients in Denton, Collin and Dallas Counties. He handles each case personally, and provides the attention to detail that leads to satisfactory results for his clients. Call us today at (972) 516-4255 to schedule a free consultation or use the contact form on our website.
Collins & Arnove | Personal Bankruptcy Lawyer Plano TX | 972-516-4255