Chapter 7 Bankruptcy

A Chapter 7 bankruptcy is often called a liquidation bankruptcy. When you file a Chapter 7 bankruptcy all your property and debts become part of the bankruptcy estate. You may keep under specified federal or state law all the property that law allows a debtor to keep as exempt. Exempt property is property neither the Court, the creditors, nor Trustee can take from you to satisfy your debts. The vast majority of Chapter 7 bankruptcy cases are “no asset cases” which means the Debtor does not have any non exempt property to liquidate for benefit of the creditors. When there is property that is not exempt it is liquidated by a person who is called a Chapter 7 Trustee. The proceeds of the liquidation are then paid to the creditors on a pro rata basis as set out in the Bankruptcy Code. At the conclusion of the case the debtor will receive a discharge of all debts eligible for discharge, the primary goal of the bankruptcy case.

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Eligibility to File Chapter 7

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Information Needed to File Bankruptcy

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Bankruptcy Court

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Documents Filed with the Bankruptcy Court

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The Automatic Stay

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The Chapter 7 Trustee

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Exemptions

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Meeting the Creditors

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The Discharge Hearing

Agreement

Call Us

(940) 692-7800

Call Us

(940) 692-7800

Office Location

4245 Kemp Blvd., Suite 308
Wichita Falls, TX 76308

Office Hours

M-F: 8am – 5pm
Sat: Closed
Sun: Closed