Changes In The Bankruptcy Laws Have Left Many To Erroneously Think That They Can No Longer Declare Bankruptcy. This Is Not True. A Chapter 7 Bankruptcy Can Also Be Referred To As Liquidation; Although With Most Cases There Is Little If Any Actual Liquidation Involved. Chapter 7 Is Referred To As Liquidation Because All Of Your Non-exempt Assets Are Converted To Cash To Help Pay Back The Debt Owed. It Is Best To Speak With A Skilled Texas Bankruptcy Lawyer If You Are Unsure Whether Chapter 7 Is The Best Option For You.In General, Chapter 7 Best Suits Persons:61607;with Income At Or Below The State Median Level61607;unable To Adequately Meet Bills And Living Expenses Each Month61607;having Little Or No Assets Besides Clothing And Furniture61607;not Declaring Child Support Or Alimony61607;without Fines Imposed For Violating The Law61607;without Income Tax Debt61607;without Student Loans To RepayUnder Chapter 7 An Individual Or Business Can Ask The Courts To Erase The Debts Owed Creating A Fresh Start. As Soon As You File For Bankruptcy You Are Immediately Granted A Stay Preventing Creditors From Contacting You To Collect, Garnishing Your Wages, Taking Your Home, Vehicles Or Other Property, Andor Shutting Off Your Utilities.In Order To Decide Whether Chapter 7 Is Really Necessary For You As A Debtor, You Will Need To Take A Chapter 7 Means Test. This Test Simply Compares Your Income To The Median Income In Your Geographic Area For Your Family Size. This Ensures You, As A Debtor, Are Not Trying To Abuse The System. The Majority Of Debtors Will Pass The Means Test. Contact A Texas Bankruptcy Lawyer Right Away To Discuss Your Particular Situation.
