Why file a Chapter 7 bankruptcy?

Chapter 7 is typically the Chapter we recommend if someone needs to file bankruptcy.  It is the quickest, the cheapest and the easiest to file if you are eligible.  The debtor needs to be current with the secured creditors that he/she wishes to keep.  In other words, if you want to keep your house and file a Chapter 7 rather than a Chapter 13 (which would help a wage earner get caught up on the arrears on the house) then you would need to get current.

Chapter 7 lasts 6 months, whereas Chapter 13 lasts a minimum of 36 and maximum of 60 months.   Chapter 7 is called a liquidation proceeding, a term that implies that people lose their property that they have worked hard to acquire if they file.  That simply is not true.  Under either Chapter 7 or Chapter 13 bankruptcy there are two lists of exemptions under the Texas Property Code and the Bankruptcy Code so that most of our clients lose none of their property.  Before the bankruptcy is filed we counsel our clients at length about the exemption schedules.

Contact Our Texas Bankruptcy Law Firm For Help Today

If you’re facing bankruptcy in Texas, we’re here to help. Contact the experienced bankruptcy lawyers at Pelley Law Office, L.L.P., today to schedule a free consultation.

We proudly serve Plano, Dallas, Sherman, and the surrounding areas.

Pelley Law Office L.L.P. – Plano Office
Address: 1312 14th St, Plano, TX 75074
Phone: (972) 608-0335
Hours: 24/7

Our firm is located near you. Find us with our GeoCoordinates: 33.0180322,-96.6952916,863

Pelley Law Office L.L.P. – Sherman Office

Address: 905 N Travis St, Sherman, TX 75090
Phone: (903) 813-4778
Hours: 24/7

Our firm is located near you. Find us with our GeoCoordinates: 33.6445846,-96.6113141,857