Know The Benefits Of Filing Chapter 7 In Texas
Without a doubt, you feel nervous about filing bankruptcy. You do not know what the future will bring once you complete the legal process and start over.
For most people, the benefits of filing bankruptcy in Texas far outweigh any perceived drawbacks. Below are four major benefits of Chapter 7:
You Keep Your Future Income
Some property that you acquire within 180 days of filing Chapter 7 may be included in your bankruptcy estate and will be eligible for liquidation. But after that period, any income you earn or property you acquire will be yours to keep, permanently.
There Is No Limit To Debt You Can Discharge
While Chapter 13 has a limit on the amount of debt that a filer can have, Chapter 7 does not. You do not have to worry about your secured or unsecured debts exceeding a cap.
You Do Not Need A Repayment Plan
Chapter 13 bankruptcy involves creating a plan for repayment over the next three to five years, but Chapter 7 does not require these plans. You do not need to repay your creditors once your debt is discharged.
The Benefits Start Right Away
Filing bankruptcy can be a long process but you reap several benefits immediately after filing. For example, once you file your petition, the court will enforce an automatic stay that stops creditor calls and other collection actions.
Additionally, Chapter 7 bankruptcy usually discharges your debts within 60 to 90 days of filing. After those few weeks, you will be free to start the new phase of your life.
Discuss Chapter 7 With A Bankruptcy Attorney
When you schedule a free consultation with a bankruptcy lawyer at William H. Lively, Jr WHL, PLLC, you can discuss the benefits of Chapter 7 bankruptcy in detail.