LEARN ABOUT CHAPTER 7
The Law Offices of Lawrence D. Tackett, P.L.L.C. is a law firm specializing in Bankruptcy and all issues concerning Bankruptcy in the The Woodlands and Houston Texas area. We represent individuals and businesses experiencing financial woes in all aspects of litigation related to bankruptcy, including filing for bankruptcy, assessing and appropriating finances, and seeking just settlements.
The Law Offices of Lawrence D. Tackett, P.L.L.C. are willing and able to take on any legitimate Bankruptcy issues or lawsuits and to help you handle all of your bankruptcy woes with exceptional representation.
Chapter 7 Bankruptcy
Chapter 7 of the United States Bankruptcy Code is the Bankruptcy Code’s “liquidation” chapter. Lawyers sometimes refer to it as a “straight bankruptcy.” It is used primarily by individuals who wish to free themselves of debt simply and inexpensively, but may also be used by businesses that wish to liquidate and terminate their business.
The potential chapter 7 debtor should understand that a straight bankruptcy case does not involve the filing of a plan of repayment as in chapter 13, but rather envisions the bankruptcy trustee’s gathering and sale of the debtor’s nonexempt assets, from which holders of claims (creditors) will receive distributions in accordance with the provisions of the Bankruptcy Code. Part of the debtor’s property may be subject to liens and mortgages that pledge the property to other creditors. In addition, under chapter 7, the individual debtor is permitted to retain certain “exempt” property. The debtor’s remaining assets are liquidated by a trustee. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.
One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a “fresh start.” The discharge has the effect of extinguishing the debtor’s personal liability on dischargeable debts. In a chapter 7 case, however, a discharge is available to individual debtors only, not to partnerships or corporations.
In a chapter 7 case, the debtor will need the following information:
- A list of all creditors including addresses, and the amount and nature of their claims;
- The source, amount, and frequency of the debtor’s income;
- A list of all of the debtor’s property; and
- A detailed list of the debtor’s monthly living expenses, i.e., food, clothing, shelter, utilities, taxes, transportation, medicine, etc.
Are you in need of an expert lawyer focusing in Bankruptcy law and litigation? If so, contact us now and receive a free case evaluation.
Reasons you should consult with our expert Chapter 7 Bankruptcy attorneys:
- Our law firm has over 30 years of experience handling Bankruptcy litigation.
- The Law Offices of Lawrence D. Tackett, P.L.L.C. guarantee professional, high-quality representation in all legal matters pertaining to Bankruptcy and Bankruptcy law.
- The Law Offices of Lawrence D. Tackett, P.L.L.C. has successfully settled many cases for clients.
We assist our clients in many ways, including:
- Helping them fight large corporations for your Bankruptcy suit
- Filing any suits, claims, and motions relating to your Bankruptcy claim or any violations of your rights, thereof
- Assessing the damages incurred and give you an estimate so you can file for the maximum compensation
- Appearing in court for you so you can focus on recovery fully from your financial sufferings
Call Now for a Free Case Consultation 281-419-2626