Chapter 7 personal bankruptcy is also known as the liquidation bankruptcy. This type of bankruptcy liquidates all of your unsecured debts without a repayment plan. You must forfeit all of your nonexempt property to the trustee so the assets can be sold and the money distributed to your creditors. The exemptions are pretty generous, so  … Read more

Trident Lakes, a luxury resort located in just north of Dallas Texas has filed for Chapter 7 Bankruptcy in late July 2018. The 5-star resort isn’t your normal vacation, however, but was initially planned to be able to survive an all-out nuclear war. The resort’s ownership has other issues as well, such as an FBI  … Read more

For Texas business owners considering a Chapter 7 bankruptcy, you may be wondering if you should go ahead and sell off your business assets in order to close out your business prior to filing. This can be a complicated question to answer and one that should be directed towards a Texas bankruptcy attorney before taking  … Read more

There are numerous times when individuals who own few assets or even none at all fall into deep debt. In fact, nearly all Chapter 7 bankruptcy cases filed in the US fall into this category. Referred to as “no-asset bankruptcy”, these Chapter 7 cases refer to a debt who owns no property that isn’t covered  … Read more

Filing for Bankruptcy can cause extreme anxiety and angst, and it’s not surprising. After all, bankruptcy has received a negative reputation as of late due to not only the credit implications but also moral and ethical questions. Bankruptcy shouldn’t be looked at as the end of the world or as conning your creditors as much  … Read more

When filing for Chapter 7 bankruptcy relief, the court assigns a bankruptcy trustee who gives the debtor a number of instructions that they must follow in order to obtain the ultimate goal of a Chapter 7 bankruptcy: discharge of unsecured, non-priority debt. If you failed to adhere to any of the court’s orders then your  … Read more

While Chapter 7 bankruptcy is a highly sought after form of debt relief, many clients worry about losing their home as a result of filing Chapter 7 bankruptcy. Therefore, it’s important to know what happens to a home you own when you file Chapter 7 bankruptcy.  Keeping Your Home Keeping your home in Chapter 7  … Read more

A Chapter 7 bankruptcy can offer those struggling with severe debt burdens a fresh start by eliminating debts within a matter of months. Often referred to as a “straight bankruptcy” the court can grant a release of liability from some types of debt after any non-exempt assets are liquidated to satisfy a portion of the  … Read more

There is a wealth of information out there about Chapter 7 bankruptcy, but in most cases people don’t take the time to research the basics or consult with a Dallas bankruptcy lawyer about the process. When making such a big financial decision it helps to start at the very beginning. It is important to understand  … Read more

There are many situations in life that a leave us in financial ruin: a divorce, the loss of a job, an unexpected illness or injury, or perhaps even a combination of all three at the same time. Lucky, lawmakers a long time ago realized that these unexpected events can happen to anyone at anytime and  … Read more