PRACTICE LIMITED TO BANKRUPTCY LAW

Fort Worth Chapter 7 Consumer Bankrutpcty Attorney

Chapter 7 Representation - Chapter 7 is a federal bankruptcy law enacted by Congress to give individuals, married couples or businesses in financial difficulty a fresh start. Chapter 7 is a straight liquidation bankruptcy that allows individual debtors to discharge (and not pay) unsecured debts. Unsecured debts include many but not all purchases made on credit cards. Filing under Chapter 7 allows you to keep many assets and then start over. In exchange, the debtor surrenders the remainder of non-exempt assets, if any, to be liquidated for the benefit creditors. Chapter 7 does not discharge student loans, certain IRS debts, or criminal obligations. If you decide to file Chapter 7, you will need to work with your attorney to create schedules showing your creditors, assets, income and expenses. These schedules are signed by you and filed with the Court along with a voluntary petition for bankruptcy. Once these documents are filed the automatic stay of the Federal Bankruptcy Code immediately goes into effect. The bankruptcy clerk's office will notify your creditors of your filing and the harassment will immediately stop. It generally takes approximately six months before the Bankruptcy Judge signs the discharge order and you are relieved of all dischargeable debt. Debts which may not be discharged by the court include: large purchases such as appliances; jewelry; furniture; cash advances made within sixty days of the filing for bankruptcy; student loans; some types of tax debts; child support; and debts due to fraudulent acts and/or intentional torts or wrongs. Chapter 7 will usually allow you to keep your house and vehicles provided you keep making your normal monthly payments to the mortgage or finance company.

Chapter 7 Procedures
The following information is not meant to replace the advice and guidance of a licensed attorney:

If, after your free attorney consultation, you decide to file a Chapter 7 bankruptcy, you will be required to complete some worksheets in which you will list your creditors, assets, and monthly income and expenses. You will also be asked some general financial questions. From these worksheets, the Law Office of Weldon R. Grisham will prepare documents, called "schedules." Once these schedules are completed and you have reviewed and signed them, then both the schedules and the voluntary petition are filed with the Bankruptcy Clerk's office. The automatic stay of the Federal Bankruptcy Code immediately goes into effect, and your creditors will be notified by the Bankruptcy Clerk's office of your bankruptcy. Harassment by creditors will stop immediately.

Approximately 60 days after you file, you will be required to attend a meeting of your creditors, to put you at ease. Normally none of your creditors appear, and if they do, remember, you are represented by the Law Office of Weldon R. Grisham. The meeting, which will last just a few minutes, is conducted in a very professional manner, your trustee may have a few questions to ask you. The end of a Chapter 7 case will be approximately six months. The Federal Bankruptcy Judge will sign what is termed a discharge order, and all your dischargeable debts are discharged.

Remember, this is presented as general information only. If you feel you need legal advice, please contact the Law Office of Weldon Grisham at 817.390.0065 to arrange for a free consultation.

Non-Dischargeable Debts
The following information is not meant to replace the advice and guidance of a licensed attorney:

Although a Chapter 7 bankruptcy can discharge many of your debts, there are a number of debts that you will be required to pay. Large purchases, such as appliances, jewelry, furniture, etcetera; and cash advances made within 60 days of the bankruptcy filing, may be non-dischargeable. You may have to pay for these. Student loans are non-dischargeable; you have to repay your student loan. Child Support is not affected by a Chapter 7 bankruptcy. You will be required to pay this debt. Any debts that are due to fraudulent acts, as well as intentional torts, or wrongs, may have to be repaid.

Remember, this is presented as general information only. If you feel you need legal advice, please contact the Law Office of Weldon Grisham at 817.390.0065 to arrange for a free consultation.

What Does it Cost to File Chapter 7?
The following information is not meant to replace the advice and guidance of a licensed attorney:

There is a court filing fee for filing bankruptcy, which is paid to the Federal Bankruptcy Clerk's office. At the present time, the fee is $299 for Chapter 7. Your attorney will alert you of any changes. During the free consultation in the Office of Weldon R. Grisham, all options under both Chapter 7 and Chapter 13 will be explained. You will also be informed of all charges and how you are to pay the law office. Fees and payment arrangements are structured so that if you choose to file bankruptcy, you can afford to do it!

Remember, this is presented as general information only. If you feel you need legal advice, please contact the Law Office of Weldon Grisham at 817.390.0065 to arrange for a free consultation.

Weldon R. Grisham represents clients for Chapter 13 and 7 bankruptcies in most North Texas cities, including Fort Worth, Arlington, Weatherford, Keller, Cleburne, Granbury, Hurst, Euless, Bedford, Watauga, North Richland Hills, Haltom City, Southlake, Colleyville, Burleson, Bridgeport, Decatur, Mineral Wells, Jacksboro, Granbury, Stephenville and Comanche, Dallas, Lewisville, Flower Mound, Carrollton, Irving, Grand Prairie Counties served include Tarrant, Wise, Palo Pinto, Jack, Hood, Erath, Dallas County and Comanche.