Corpus Christi Chapter 7 Bankruptcy Lawyer

Chapter 7 bankruptcy in Corpus Christi

The most common form of personal bankruptcy under the Federal Bankruptcy Code is Chapter 7 bankruptcy. Chapter 7 is generally the simplest and quickest form of bankruptcy and is available to individuals, married couples, corporations, and partnerships.

Chapter 7 bankruptcy cancels debts and is also known as liquidation bankruptcy or straight bankruptcy. As part of a Chapter 7 bankruptcy, a trustee appointed by the bankruptcy court may sell off or liquidate some of the property of a debtor for the benefit of creditors.

Most Chapter 7 filings in Corpus Christi are no-asset cases. In a no-asset case a debtor does not have any non-exempt property for the trustee to sell. If the income of the debtor is below the median income for families in Texas based on Census Bureau statistics, the debtor will be eligible to file for Corpus Christi Chapter 7 bankruptcy.

Some clear criteria that determine who can file for Chapter 7 bankruptcy, and who will be forced to file under Chapter 13. You must also obtain approved credit counseling before you can file bankruptcy and file any overdue tax returns within weeks of filing a Chapter 7 bankruptcy.

Chapter 7 bankruptcy is another choice for Texans with debts

Chapter 7 bankruptcy is often the choice of debtors. Chapter 7 bankruptcy in Corpus Christi wipes out many of the debts of the filing party. Under Chapter 7, an appointed trustee may take your nonexempt assets and liquidate or sell them to pay your creditors. While your slate is cleaner, you still may have some debts. Some debts that may still have to be paid include the following:

After the bankruptcy is filed, you must appear at the first meeting of creditors which is also called a 341 meeting. At this meeting, the trustee can ask you questions about your property and debts. Creditors can also question you on those subjects, but seldom do.

The skilled legal guidance you need

A lawyer skilled in Chapter 7 bankruptcy in Corpus Christi at the Cavada Law Office can answer all your questions about Chapter 7 in Corpus Christi. The firm has years of experience representing corporations and individuals in all types of Texas bankruptcy proceedings. To schedule a free consultation to discuss your case with us, contact us today.