How a Smith County Chapter 7 Bankruptcy Attorney Can Help
When debt mounts and you feel overwhelmed, you need the assistance of a bankruptcy attorney. The right lawyer can help you understand the process of declaring bankruptcy and put your mind at ease by providing you with trustworthy information. For more information on Chapter 7 bankruptcy in Smith County, do not hesitate in contacting the Campbell Law Firm.
Chapter 7 Bankruptcy Information
Chapter 7 bankruptcy is the most common form of bankruptcy used in the United States. It is the process of liquidating assets so you can pay back creditors and move on with your life. This type of bankruptcy is especially suited for people who have accumulated an insurmountable amount of debt and do not have any form of stable income. Smith County Chapter 7 bankruptcy allows individuals who find themselves buried in debt to wipe the slate clean and start fresh.
To begin the process of filing for Chapter 7, you must follow the steps below:
- Consult an attorney. First, you must seek the advice of an experienced bankruptcy attorney. He or she can help you determine which form of bankruptcy is best for you.
- Determine if you are eligible to file. In order to qualify for Chapter 7, you must have sufficient debt. Additionally, your income must be the same or below the average income of the state. If your income is above the average in the state, you may be ineligible to file for Chapter 7.
- Complete credit counseling. It is mandatory that anyone seeking to file for Chapter 7 complete a credit counseling program first. This program educates people on how to make responsible financial decisions and avoid bankruptcy in the future.
- File the necessary paperwork. Next, you must file a petition with the bankruptcy court. After approximately twenty to forty days, a meeting of the creditors will be held. At this meeting, creditors may ask you questions regarding your financial situation.
- Await notice of discharge. About sixty days after your meetings with the creditors, you will receive a debt discharge notice.
Some FAQs
Below are the answers to some frequently asked questions about Chapter 7 bankruptcy:
- Does Chapter 7 remove all debt? Chapter 7 in Smith County does not discharge federal and state taxes, student loans, and alimony and child support payments.
- Are there other options? You may seek credit counseling and attempt to repay your debts. Additionally, if you have few assets, you may simply do nothing.
- Do I need a lawyer? You must retain an attorney before filing for bankruptcy. A lawyer can look out for your best interests and help you make decisions that hasten the debt elimination process.
For legal advice, call today—Tyler: 903.593.6899 , Mineola: 903.569.0000 or Toll Free: 877.569.0010
Bradley Campbell is an attorney with more than 24 years of bankruptcy experience. He has handled more than 2500 bankruptcies over the course of his career. When you retain his services, he analyzes the facts and circumstances of your case to determine whether bankruptcy is the right choice for you. He can explain your legal rights and options to help put your mind at ease. Please call today and speak with us.
We offer a free bankruptcy case analysis.
