Nearly 80% of people in the United States are living paycheck to paycheck. This means that one medical emergency or other unplanned expense can put you in debt that just keeps snowballing with each credit card statement. If you've found yourself in insurmountable debt, reach out to me at The Law Office of Dennis R. Boren in Amarillo, TX.
I can help you file for Chapter 7 bankruptcy so that you can get your life back on track. For more than three decades, I’ve been helping individuals and families in Dumas, Plainview, and Hereford protect their future and find peace of mind. Schedule a free initial consultation to get started right away.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is primarily for those with a limited amount of assets to repossess. In Chapter 7 bankruptcy, you can eliminate certain debts, such as credit card balances, medical bills, car title loans, and traffic tickets. Once your debts are discharged, you will not have to repay creditors and they cannot pursue further action against you. My number one goal is to help you through this incredibly tough time in your life by allowing you to rid yourself of as much debt as possible. Here are some important considerations to keep in mind as we work together:
- The law requires that you list and categorize all of your debts and assets. You will also most likely need to provide proof of income for the last 60 days and copies of federal income tax returns for the last four years. Finally, you must obtain the required credit counseling from an approved agency.
- You must pass the “means test” to file for Chapter 7 bankruptcy. If your income is too high or it is determined that you can reasonably pay your debts, you may not qualify for Chapter 7 but you can still file for Chapter 13 bankruptcy.
- You do not have to forfeit all your property. Through Texas bankruptcy exemptions, most clients are able to keep their home, retirement savings, and personal possessions.
The main debt that is not forgiven under Chapter 7 is student loans in addition to recent IRS debts.