Baytown Chapter 7 Bankruptcy Lawyer

There are several different types of bankruptcy, and each different chapter of the Bankruptcy Code is designed to deal with a different set of financial circumstances. For individuals and families, one of the most commonly utilized forms of bankruptcy protection is that set forth in Chapter 7. Through a successful Chapter 7 filing, many debts that were owed prior to the bankruptcy will be discharged, which means they can no longer be held against you or collected upon.

One of the potential drawbacks of Chapter 7 is that it calls for the sale of a debtor’s possessions. The proceeds from this sale are then distributed to creditors according to a schedule outlined by the bankruptcy judge who is handling the case. Fortunately, the law does provide you with the opportunity to retain some types of property, and the sale of some items may be a small sacrifice to enable a fresh financial start for your family.

To learn more about the different forms of bankruptcy and to discover whether it may be the right choice for your circumstances, contact the Baytown Chapter 7 bankruptcy attorneys of Gipson & Norman at 800-291-0898.

The Future is Not Free

A common misconception about Chapter 7 bankruptcy is that it eliminates all of your debts entirely. In the interest of the security of and fairness to the government and its authority, several classes of debt that are associated with governmental agencies cannot be discharged. The primary examples are:

• Taxes
• Student Loans
• Child Support
• Alimony

Contact Us

Bankruptcy is always something of a last resort, but it does not have to come to an unpleasant end. Contact the Baytown chapter 7 bankruptcy lawyer of Gipson & Norman at 800-291-0898.