When you are living under a cloud of debt, it can be difficult to see any way forward. But hopelessness and feeling powerless to control your financial situation do not have to remain a part of your life. Although it would certainly be preferable to have avoided falling into this situation, it may be possible clear your current debts by filing for Chapter 7 bankruptcy protection.
Chapter 7 Bankruptcy in Friendswood, Texas
The goal of a Chapter 7 bankruptcy filing is to render a partial payment to your creditors for debts that have become unmanageable in exchange for the forgiveness of the unpaid amounts. This is accomplished by the sale of assets that you may have in a process called "liquidation", where you are basically converting something like a piece of furniture into cash that can then be paid to those to whom you owe money.
The bankruptcy system can be confusing, so before you make any decisions or plans about how you will proceed, contact the Friendswood Chapter 7 bankruptcy attorneys of Gipson, Norman & Root at 888-512-6044. We have been serving the people of Southeastern Texas for over 20 years and are dedicated to helping you to secure a better financial future.
Not All Debts Are Dischargeable
To preserve the rights of some creditors, the Bankruptcy Code grants special protection to certain classes of debt. This is an important point to understand, because many people are unaware that this is the case, and if all of your debts are in these categories, bankruptcy may not help at all. Some of these debts are:
- Student Loans
- Child Support
Waiting for your financial situation to resolve itself will not achieve anything other than worsening the matter at hand. Take action to resolve the matter and contact the Friendswood Chapter 7 bankruptcy lawyers of Gipson, Norman & Root at 888-512-6044.