Debt is something many people will go through at some point in their lives. Although most people are able to overcome their debt in time, some end up finding it difficult and even impossible. There are many issues that can cause debt to become a problem, such as the loss of a job, the end of a marriage, or a serious illness or injury. As soon as a person finds they cannot cope with debt, it is imperative they seek help. Working with a chapter 7 attorney in Keller, TX can give debtors a way out of their financial mess.
Chapter 7 is meant to help those who cannot pay their bills and do not have an income that goes above the state median. A person must be able to pass a mean’s test before they will be allowed to file for chapter 7. This is simply an investigation into their financial records to determine if they truly cannot pay their debts. If an applicant is approved, they may be required to submit some property for liquidation.
There are certain assets that cannot be touched by the trustee in charge of the bankruptcy. These include the residential home, furniture, clothing, and the car. If an asset is non-essential, it may be liquidated to raise funds to pay off the debts owed. The goal of the trustee is to pay off as much of the debt as possible. Many debts can be absolved by the trustee, depending on the type.
Most chapter 7 cases are settled in as few as six months. This allows a person to be free of their debts as soon as possible. As a part of the process, a person must also go through debt counseling so they can take the necessary steps to avoid getting into debt in the future.
Those who are facing mounting debt are urged to seek help from a chapter 7 attorney in Keller, TX. For further information, visit us . With the help of an attorney, you can determine if you are a good candidate for this type of bankruptcy so you can overcome your debt.
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