Austin Bankruptcy Lawyer

Legal Updates

Avoiding Credit Repair Scams

Choosing assistance from a credit repair company will only worsen your financial situation by wasting your time and putting you further behind on your debts. Neither you nor a credit repair company has the right to remove accurate, current information from a credit report.

Dealing with Debt

Shoveling out from under debt can be daunting. But taking a few smart steps can avoid legal headaches and hassles.

Dischargeable Debts

Discharge in bankruptcy refers to the bankruptcy court's order that relieves you of your responsibility for your debts. The discharge means that your creditors can't take any further action to collect those debts from you. Learn about which debts can be discharged in bankruptcy.

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Austin TX Chapter 7 Bankruptcy Attorney

Chapter 7 Bankruptcy—Debt Liquidation

Chapter 7 is a liquidation bankruptcy proceeding for consumers with few, if any, non-exempt assets.

Chapter 7 can also be used by small corporations who want to stop operations. 

This type of bankruptcy discharges debt and offers a new start--you can never be forced to pay your discharged debts no matter what.

If you have non-exempt property, a court-appointed trustee sells that property and uses the proceeds to repay your creditors a percentage of the debt.

Most people in Texas do not own non-exempt property, but Douglas J. Powell can advise specifically what assets you may keep and what assets may be at risk. 

Chapter 7 eliminates many types of debt that consumers struggle to pay:

  • Credit cards
  • Medical bills
  • Personal loans
  • Lawsuits
  • Judgments
  • Deficiencies on repossessed automobiles
  • Deficiencies on home foreclosures
  • IRS debts older than 3 years
  • Personal injuries
  •  

If you live in Austin, Round Rock, Georgetown, or in any part of Western Texas, then contact the chapter 7 bankruptcy lawyers in Austin, Douglas J. Powell, P.C. to set up a free consoltation.

 

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