Fort Worth Chapter 7 Attorneys
How You Can Benefit from Chapter 7 Bankruptcy
Also known as “liquidation bankruptcy,” Chapter 7 bankruptcy
is a popular form of debt relief that allows a debtor to discharge most,
if not all, of their unsecured debt in a short amount of time. During
this process, non-exempt assets are sold by the bankruptcy trustee, and
the proceeds are used to pay back creditors in order of priority.
If you are struggling to overcome your debt, Chapter 7 bankruptcy may be
right for you. When you request a free financial empowerment session with
a Fort Worth bankruptcy attorney at
Allmand Law Firm, PLLC, we'll help you explore your options and understand your rights. Take
the first step toward financial freedom by giving us a call today.
Why is Allmand Law Firm, PLLC qualified to handle your case?
- We have handled tens of thousands of bankruptcy cases
- Attorney Reed Allmand is a board certified bankruptcy expert
- We have been featured on Fox News, CBS News, and ABC
- We are the largest bankruptcy filing firm in the state
Chapter 7 Eligibility: Taking the Means Test
Chapter 13 bankruptcy, which is executed over three to five years, Chapter 7 bankruptcy can
be completed in just a few short months. It is for this reason that not
all debtors are eligible to file under this chapter of the Bankruptcy
Code. In order to qualify for Chapter 7 bankruptcy, you are required to
pass what is called the “means test.”
The means test will compare your average monthly income to the state’s
median income for a household of the same size. If your income is equal
to or less than the median, you pass. If not, the test will look at whether
or not you have enough disposable income to repay your creditors. If your
disposable income is too high, you would fail the test.
Understanding the Chapter 7 Bankruptcy Timeline
Step #1: You must complete credit counseling within 180 days of filing
Step #2: Once you file, you will be protected by the automatic stay
Step #3: The creditors meeting will take place 20-40 days after you file
Step #4: After the meeting, you will have 45 days to reaffirm debts
Step #5: You must complete secondary credit counseling within 45 days
Step #6: Within four to five months, your debts will be discharged
Get Started with a Free Bankruptcy Consultation
As the largest
bankruptcy filing firm in the state, we have already helped thousands of debtors
take control of their finances. Now, our firm is ready to assist you.
Contact the Fort Worth Chapter 7 lawyers at Allmand Law Firm, PLLC today
to find out how we can put two decades of experience to work for you.
Initial consultations are free!
Contact our office at (214) 238-9608 to
request your FREE case evaluation.