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No one ever starts their adult life thinking that they are going to have to be filing bankruptcy eventually, but it happens to more and more Americans every day. William H. Lively, Jr. is an experienced chapter 7 bankruptcy attorney that helps clients in Tyler, TX, Jacksonville, TX, Kilgore, TX, Longview, TX and surrounding areas to file bankruptcy in order to get their lives back on track.
With a chapter 7 bankruptcy the trustee sells off all assets to pay their creditors. The great thing about filing a chapter 7 is that most assets you hold are exempt from bankruptcy, including your vehicle, home, most personal possessions, and items that you may use to make a living if you are self-employed. Exceptions may apply if you have a significant amount of equity. The best thing to do is hiring a personal bankruptcy attorney for advice and to help file your chapter 7 bankruptcy.
Chapter 7 bankruptcy law states that you cannot lose your furniture, cars, or other personal possessions during bankruptcy if their value is below a certain amount that is set forth under the law.
Child support payments
Fraudulent debts of any kind
Certain types of taxes
Chapter 7 will let you eliminate your credits cards in most cases, but there are certain stipulations that will need to be looked at. Your attorney will be able to advise you on what is dischargeable and what isn’t. If you would like to keep property that is secure, you will be able to sign reaffirmation agreements in most cases.