Chapter 7 Bankruptcy

Get A Fresh Start — Get A Discharge Of Most Or All Unsecured Debt

Chapter 7 is the most well-known type of bankruptcy, perhaps because of its dramatic capacity to eliminate most or all consumer debt in many cases. Chapter 7 may offer the most benefits to you as a debt relief solution if you are eligible to file.

If your income, assets and debts line up right, you may be able to free yourself from unmanageable credit card debt, medical debt and bank loans. Chapter 7 bankruptcy is sometimes called the "discharge bankruptcy" because within three to four months, you may have most or all unsecured debt discharged. You will have the opportunity to start your financial life anew. This month's income can pay this month's bills once again.

Is Chapter 7 Right For Me?

Chapter 7 can be a strong debt relief option if you:

  • Are in over your head in overwhelming debt such as hospital bills and payday loans
  • Can pass a government-mandated "means test" demonstrating a mismatch between disposable income and assets on one hand and debts on the other hand
  • Are experiencing creditor harassment, including threats of wage garnishment and bank account levies
  • Do not own more assets than what is exempted through state or federal exemption lists

In a Chapter 7 bankruptcy, you may be required to liquidate — and lose — some assets. But many successful Chapter 7 bankruptcy filers keep all personal property and still obtain debt discharges.

At Olson Nicoud & Gueck, LLP, in Dallas, Texas, we assist people overwhelmed by debts they cannot repay. Shame or regret is common, but we have never met a debtor who set out to amass debts and then walk away from them. Typically, financial troubles come about because of a job loss, a medical crisis, a divorce or other unfortunate life events.

Chapter 7 Attorneys Serving Plano, Dallas And Surrounding Communities

At Olson Nicoud & Gueck, LLP, our bankruptcy attorneys can explain how you can get started documenting your debts and assets if you decide to file Chapter 7 bankruptcy. Or Chapter 13 bankruptcy may be more appropriate for your financial circumstances. To learn more, or to schedule a consultation with a lawyer, contact us online or call 214-979-7300 or 800-708-7716.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.