A Chapter 7 Bankruptcy claim helps you get rid of your unsecured debt when you have exhausted all your non-bankruptcy options. Some examples of unsecured debts include credit card bills, medical bills and payday loans. The benefit of filing a Chapter 7 bankruptcy claim is that it can help you achieve a fresh start quickly by eliminating most of your debt.
Individual consumers and certain businesses are eligible to file for Chapter 7 bankruptcy protection if certain criteria are met. If you are a business, all business related operations must stop as soon as you have filed your Chapter 7 petition.
Under Texas law, there are certain assets that are exempt from the reach of creditors, known as “exemptions.” However, assets that are not exempt are subject to sale and the proceeds earned from those sales will be used to pay your unsecured debt.
Contact us at 972-939-4878 for a free consultation today to see if this type of bankruptcy claim is right for you.
Who Can Help?
If you have been afflicted with any financial problems and are wondering if bankruptcy is the right option for you, contact NNK at 972-939-4878 for a free consultation. Bankruptcy matters are complicated and can take up to a few months to resolve, so it is important to contact an attorney as soon as possible. At NNK, we are committed to helping your achieve financial freedom and gaining control over your life.