One potential solution to your financial distress is to file for Chapter 7 bankruptcy. Under this chapter of the Bankruptcy Code, debtors sell off some of their assets and property (liquidation) and use the proceeds from the sales to pay their creditors. This may not work well for families and individuals who have substantial property holdings and debt balances, because any property that was not exempt and which exceeded the exemption limit ($60,000 for families or $30,000 for individuals) would be fair game for the liquidation sale.
Chapter 7 Bankruptcy in Angleton, Texas
Although those may seem like figures that would allow you to hold onto many of your most valued possessions, they are a drop in the bucket for many families that have spent themselves into inescapable debt. After a Chapter 7 bankruptcy, many of your debts will have been discharged if you followed all the requirements of the process, but you may have to surrender more than you would like. It's a harsh reality, but perhaps a small price to pay to receive a fresh financial start.
To discover whether Chapter 7 may be right for your financial situation, contact the Angleton Chapter 7 bankruptcy attorneys of Gipson, Norman & Root at 888-512-6044.
Chapter 7 - Non-dischargeable Debts
Although the general perception is that bankruptcy wipes the slate clean, this is not entirely true. The law provides creditors protection by establishing that some categories of debt cannot be discharged. Among them are the following:
- Student Loans
- Child Support
You never intended to let your debts get out of hand, but here you are. Rather than letting the spiral continue, contact the Angleton Chapter 7 bankruptcy lawyers of Gipson, Norman & Root at 888-512-6044. We can help you to put your best foot forward into the future.