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Bankruptcy Attorney
Helping People Of Waco
Find Debt Relief

If you need debt relief, consider Chapter 7 bankruptcy

Bankruptcy tends to be a last resort for people who are struggling with debt, no doubt because they fear that they will have to forfeit many of their assets. This auctioning of assets occurs mostly in Chapter 7 bankruptcy, which is the most common bankruptcy filing. It is true that some people will be required to sell some of their assets to pay back their outstanding debts, but what you may not know is that some assets are exempt from sale. Exactly which types of property are exempt varies by state, but in Texas, you may find that important assets such as houses, cars and even bank accounts are exempt from sale.

The best part about Chapter 7 bankruptcy is that it discharges many of your debts completely. Unlike other filings, like Chapter 13 bankruptcy for example, you are not required to pay back your debts over a period of time; the debts are eliminated, giving filers a fresh financial start.

Unfortunately, student loan debts cannot be discharged by Chapter 7 bankruptcy, but other debts such as medical bills and credit cards can be discharged, which will allow you to focus more of your money on paying off student loan debts. This means that you will find debt relief even on debts that are not discharged because you will have fewer financial obligations.

If you are struggling with debt, do not hesitate to take advantage of this legal form of debt relief. Remember that a bankruptcy filing has no minimum debt requirement, and just because you have a large income does not necessarily mean that you do not qualify for bankruptcy. It may benefit you to read more about Chapter 7 bankruptcy and learn how you can set up a free consultation to discuss the aspects of your case.

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