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Chapter 7 Bankruptcy Frequently Asked Questions

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Answering your questions about chapter 7 bankruptcy will help put your mind at ease so you can take the necessary steps to free yourself from debt. Here at The Law Office of Veronica Deaver, we ensure to answer all of our clients’ questions with utmost clarity and transparency. 

Chapter 7 bankruptcy is a tough enough decision as it is. Going into it without fully understanding the implications makes it all the more difficult. Today, we take a moment to review chapter 7 bankruptcy’s top FAQs

How Does Chapter 7 Bankruptcy Work?

While it may sound basic, understanding the fundamentals of chapter 7 bankruptcy is crucial to moving forward with confidence. 

Chapter 7 bankruptcy entails liquidating the debtor’s (individual in debt) non-exempt assets to pay creditors. The debtor’s non-exempt assets will be sold and the proceeds distributed to creditors. However, Veronica Deaver will fight to ensure that your assets retain exempt status to prevent liquidating important property such as a car or home. 

Why Shouldn’t I File Chapter 7?

While we will do everything in our power to prevent the liquidation of assets, debtors do risk non-exemption. Veronica Deaver’s team can help ascertain the likelihood of non-exemption in your particular chapter 7 case

With the proper legal advice, you may find a financial fresh start is possible without losing a property to liquidation. 

What Is a Means Test?

Chapter 7 means test assesses the debtor’s ability to repay the debt in question by analyzing their current income and debts. In essence, the means test is designed to ensure that filers aren’t abusing chapter 7 as a method of erasing debts when they do in fact have the means to repay. 

What Is the Probability of Receiving A Discharge?

Discharge means that you have been relieved of your debts. Most who file for Chapter 7 bankruptcy receive a discharge. Few reasons exist for denying a discharge in a Chapter 7 case, save for a failure to maintain clean financial records or failing to follow bankruptcy laws. 

The Law Office of Veronica Deaver

Filing for chapter 7 bankruptcy requires you to team with a lawyer with decades of experience and success. With your financial future on the line, nothing less will suffice.  

The Law Office of Veronica Deaver has built a reputation throughout Texas as a strong and qualified legal team. We have belayed countless folks out of the deepest holes. And the foundation of our success rests on total transparency and clarity. With Veronica Deaver, your mind is set at ease so that you can approach chapter 7 knowing it’s the right decision for you.  

Give us a call or visit us online today to learn more about how we can free you from the shackles of debt once and for all. 

 

Contact The Law Office of Veronica Deaver Today

Veronica Deaver founded her law firm based on the idea that she and her legal counsel would give each client individualized focus precisely when they need it most. The Law Office of Veronica Deaver is more than just representation. We offer a path to financial freedom for more reasons than our knowledge and experience. We also offer guidance beyond the courtroom, helping our clients understand every step of the way while helping them maintain their composure to make the best possible decisions. 

Contact The Law Office of Veronica Deaver today for a free consultation. Give us a call or visit us online for more information about how we can help you begin your journey out of debt today. 

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We can help you navigate your way back to financial freedom

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