Because of the financial strain Covid 19 has put on so many people, the Law Firm of William H. Lively, Jr. is lowering the up front costs for filing Chapter 13 bankruptcy cases for new clients. If you need to file a Chapter 13 bankruptcy and cannot come up with a large down payment to hire an attorney, contact our office–we can help get you protected for less.

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What You Need To Know About Chapter 7 Bankruptcy

No one ever starts their adult life anticipating they will need to file bankruptcy, but it happens to an increasing number of Americans every day. William H. Lively, Jr. WHL, PLLC, is an excellent bankruptcy law firm that serves Tyler, Gregg County, Smith County and the surrounding areas.

When most people think of bankruptcy, they think of a Chapter 7 proceeding, sometimes referred to as a liquidation bankruptcy or complete bankruptcy. Through a Chapter 7 bankruptcy, you have the ability to get rid of all dischargeable debts. However, all of your nonexempt assets will be liquidated (sold), and the proceeds are paid to their creditors.

Items That Cannot Be Discharged Under Chapter 7

In Texas, individuals and families have the availability to exempt much of their personal property in addition to their homestead. However, some items cannot be discharged, including the following:

  • Alimony payments
  • Child support payments
  • Fraudulent debts of any kind
  • Student loans
  • Certain types of taxes

However, Chapter 7 will let you eliminate your credit cards in most cases, but there are certain stipulations that need to be examined. Your attorney will be able to advise you on what is dischargeable and what is not. If you want to keep properties that are secure, you have to sign reaffirmation agreements in most cases.

Learn How Chapter 7 Can Help You

Many view bankruptcy in a negative light, but it can completely free you of debt in a relatively short amount of time. To speak with a lawyer about your situation, reach out to us online or at 903-920-0008.

We offer free consultations, so we encourage you to contact us and learn more about your options today.