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What to expect from Chapter 7 bankruptcy

In these tough economic times, many people find themselves struggling with debt. Even as the economy begins to recover, there still may be financial burdens that have been building over the last few years, and they could be hindering your chances at economic growth. One thing that some have found to be an effective legal option for handling debt troubles is bankruptcy. While bankruptcy may sometimes have a negative connotation in society at large, it is important to not underestimate or devalue the advantages of wiping the slate clean and getting a fresh financial start.

Whether they know it or not, when most people think of bankruptcy, they think of Chapter 7 bankruptcy. This type of bankruptcy filing can allow individuals to discharge some debts completely, and it is sometimes called liquidation because it can involve selling some of a person’s assets to pay off debt. Before you let that scare you away, you should know that courts will generally only allow non-exempt items to be sold for this purpose, and, in Texas, many assets are exempt. Homes and cars are among the things that can be found to be exempt. You may find that the assets you do have to part with (if any) are a small price to pay to say goodbye to your debts.

You may be concerned about your eligibility. Some people believe that they must owe a certain amount of money to file for bankruptcy. The truth is that what the amount of your debt load is and whether you’re behind on your debt or up to date generally has no bearing on whether you are eligible for bankruptcy. For more information on Chapter 7 bankruptcy and eligibility, visit our Chapter 7 bankruptcy page.

If your debt is growing into a massive mountain that you fear you will never be able to overcome, help and relief can be essential. A Chapter 7 bankruptcy may be able to help you get your finances back in order.

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