El Paso Attorney Works to Discharge Debts in Chapter 7 Bankruptcy
Dedicated advocate handles Texas and New Mexico liquidation proceedings
Financial risk is a part of life, and that means individuals and businesses occasionally fall so far behind on their debts that repayment is not foreseeable. An inescapable financial hole not only hurts debtors but also the people and companies that associate with them. Chapter 7 bankruptcy is a powerful legal solution designed specifically to eliminate most debts and give debtors the chance to rebuild their credit. The Law Offices of Cheryl S. Davis, P.C. in El Paso delivers comprehensive legal counsel to Texas and New Mexico clients who are considering this solution. As an attorney with more than 20 years of experience in the field, I can make sure that you understand the benefits and drawbacks of a Chapter 7 filing. Should you select this type of protection, my firm will handle each step of the process with skill and professionalism.
Skillful lawyer guides clients through each step of the bankruptcy process
People often feel intimidated or embarrassed about seeking bankruptcy relief, but I’ll make sure that you have personalized legal support through each aspect of filing for Chapter 7, including:
- Means test — This test, which compares your income to the median income level in your state, determines whether you are eligible to file for Chapter 7 bankruptcy. I will go over any previous bankruptcies, your assets and income to determine if this option works for you. If so, my firm will prepare an accurate, thorough filing, and a trustee will be appointed.
- Automatic stay — Once your bankruptcy filing is accepted, the court issues an automatic stay. This means that creditors must cease all collections efforts and related communications immediately. Likewise, creditors can no longer take action such as cutting off services for unpaid bills. With this break, you can address your issues without being barraged by phone calls and letters.
- Creditors’ meeting — While your bankruptcy is pending, the trustee convenes a meeting among your individual and business creditors. The parties are allowed to explain the nature of the obligations and seek a share of the available assets.
- Liquidation — In Chapter 7 bankruptcy, filers are allowed to keep certain personal items such as clothes, appliances and cars up to a certain value. However, assets that don’t fall into these categories might be liquidated in order to pay off creditors. I will make sure that you are not unpleasantly surprised by any decisions of the court that involve liquidating your assets.
- Discharge of nonexempt debts — Once the judge has allocated the available assets, an order is issued discharging any debts that are not specifically included under bankruptcy protection. Tax obligations, back child support and student loan debt will likely remain, but credit card debt and other nonexempt items are eliminated permanently.
Serious money problems rarely cure themselves. With personalized legal guidance from a qualified bankruptcy attorney, you can relieve the financial and emotional stress that accompanies debt.
Contact a knowledgeable El Paso lawyer for advice on Chapter 7 bankruptcy
The Law Offices of Cheryl S. Davis, P.C. represents Texas and New Mexico clients in Chapter 7 bankruptcy proceedings and also advises on other debt relief concerns. Please call 915-320-6226 or contact me online to schedule an appointment. My office is in El Paso.