Bacliff Chapter 7 Bankruptcy Attorneys

If you have found yourself backed into a corner, Chapter 7 bankruptcy is one option to seize control again over your financial affairs. It is not without its potential disadvantages, but when properly handled, it may leave you with a much smaller burden than you face now. As a result, filing bankruptcy may be a very prudent financial decision.

What is the biggest downside of a Chapter 7 bankruptcy? There are two major things to consider. The first of these two is that the bankruptcy will appear on your credit report for up to ten years after the filing. This can cause complications for future applications for loans and other credit-dependent concerns. The second is that as part of the process many of your assets will have to be liquidated.

However, it should be noted that some property is protected by law from liquidation, and each filing individual or family is permitted to select some other items from certain categories to withhold from the sale. The value of these items is capped at $30,000 for an individual or $60,000 for a family.

The Bacliff Chapter 7 bankruptcy attorneys of Gipson, Norman & Root can help you to figure out how to start fixing your finances. Contact us at 800-291-0898.

A Common Bankruptcy Myth

While bankruptcy provides an opportunity for debtors to be forgiven for many of their debts, some creditors and categories of debt are immune from bankruptcy discharge. Some of the most common types of debt that people have that are unable to be discharged are:

• Taxes
• Student Loans
• Child Support
• Alimony

Contact Us

If you are ready to take a difficult step now so that your financial situation can improve, contact the Bacliff Chapter 7 bankruptcy lawyers of Gipson, Norman & Root at 800-291-0898.