La Porte Chapter 7 Bankruptcy Lawyer

Bankruptcy is not a silver bullet. However, for individuals and businesses that are being crushed by enormous debt loads, it may as well be. Chapter 7 bankruptcy offers debtors protection from further collection efforts on many of the most common types of debt. Debts owed for credit cards, personal loans, medical bills, business debts, and judgments are all discharged by successful completion of a Chapter 7 filing.

That means no more harassing calls and no more threatening letters related those debts. If a company attempts to collect upon a discharged debt, you can take legal action against them. Obviously, this forgiveness of debts cannot be expected to occur without some concessions on your part. But for many, these sacrifices pale in comparison to the financial freedom gained by filing for bankruptcy. To learn more, contact the La Porte Chapter 7 bankruptcy attorneys of Gipson & Norman at 800-291-0898.

Requirements of Chapter 7 Bankruptcy

The primary requirement of Chapter 7 is that you will have to sacrifice some of your assets to a bankruptcy sale. This sale will be arranged and conducted by a trustee appointed by the Bankruptcy Court. The law in Texas grants exemptions to some types of property, meaning that they can be withheld from the sale without penalty, so you are not going to be left with only the shirt on your back.

The money raised in this sale is distributed to your creditors as satisfaction for the outstanding debts, even though it may only reflect a portion of the total amount due. The La Porte Chapter 7 bankruptcy lawyers of Gipson & Norman can help you understand the consequences and benefits of filing for bankruptcy protection.

Contact Us

To begin taking the steps necessary to retake control of your financial life, contact the La Porte Chapter 7 bankruptcy lawyer of Gipson & Norman at 800-291-0898.