Chapter 7 Attorneys in Waco, TX

Waco, Texas, sits along the I-35 corridor, providing easy access to both Dallas and Austin. With a population of approximately 140,000, it’s a city full of opportunity. The local economy thrives on industries like education, healthcare, and manufacturing.

Baylor University is a major driver of Waco’s economy, offering education and job opportunities. The city’s employment rate continues to grow, particularly in sectors like retail, logistics, and healthcare. With a cost of living below the state average, Waco is an ideal place for families and businesses.

For individuals facing financial challenges, Chapter 7 bankruptcy can help provide a fresh start by discharging unsecured debts. Pakis, Giotes, Burleson & Deaconson, P.C. is here to guide you through the bankruptcy process.

Our attorneys bring extensive experience in financial matters, offering help in areas like tax, estate planning, business law, and litigation. We’re committed to providing expert guidance during difficult times.

Let us help you explore your bankruptcy options and work toward financial relief. Pakis, Giotes, Burleson & Deaconson, P.C. is here to assist you in navigating your financial future.

Further Reading

• Do All Business Bankruptcies Result in Liquidation?

Why You Need a Chapter 7 Lawyer

If you're considering filing for Chapter 7 bankruptcy, having a skilled attorney by your side is crucial to ensuring the process goes smoothly. Filing for bankruptcy is a significant legal step, and the consequences of not doing it correctly can be long-lasting. 

A Chapter 7 lawyer can help you navigate the complexities of the process, protect your rights, and give you the best chance at a fresh financial start. Here’s why you need a Chapter 7 lawyer:

Guidance Through the Process

Bankruptcy laws are intricate, and the paperwork involved can be overwhelming. A Chapter 7 lawyer understands these laws and can guide you through each step, from filing your petition to meeting with the bankruptcy trustee. They’ll make sure you meet all deadlines and make sure your case is handled correctly.

Determining Eligibility

Not everyone qualifies for Chapter 7 bankruptcy. A lawyer can assess your financial situation, determine if you meet the means test, and help you understand your options. If you're not eligible for Chapter 7, they can discuss alternatives like Chapter 13 bankruptcy or other debt relief options.

Protecting Your Assets

One of the main concerns people have when filing for bankruptcy is losing their property. A Chapter 7 lawyer can help protect your assets by identifying exemptions that might apply to your situation. They can also advise you on how to handle non-exempt assets and work to make sure you don’t lose more than necessary.

Reducing the Risk of Mistakes

Bankruptcy involves a lot of paperwork and legal requirements. Making mistakes or omissions in your filing can result in delays, rejections, or even legal penalties. A lawyer will make sure that all forms are filled out accurately and completely, reducing the risk of mistakes that could jeopardize your case.

Dealing with Creditors

If you have creditors harassing you, a Chapter 7 lawyer can step in to protect you. Once you file for bankruptcy, an automatic stay goes into effect, halting most collection efforts, including wage garnishments, lawsuits, and calls from creditors. A lawyer will handle communication with creditors, giving you peace of mind.

Understanding Exemptions and Debt Discharge

Not all debts can be discharged in Chapter 7 bankruptcy, such as certain tax debts, child support, and student loans. A lawyer can help you understand which debts can be wiped out and which will remain. They’ll also help you maximize the exemptions available to protect as much of your property as possible.

Providing Legal Advice and Peace of Mind

Bankruptcy is a serious legal decision, and having a lawyer you trust can provide valuable peace of mind. They’ll be able to answer your questions, advise you on the best course of action, and explain what to expect at every stage of the process.

Representation in Court

In some cases, you may need to attend hearings or meet with a bankruptcy trustee. A Chapter 7 lawyer can represent you in these proceedings, ensuring your interests are protected and that you present the strongest case possible.

Hiring a Chapter 7 lawyer is essential for anyone considering bankruptcy. With their experience, guidance, and expertise, a lawyer can help you avoid mistakes, protect your assets, and maximize the benefits of filing for bankruptcy. Having an attorney on your side can give you the confidence and support you need as you take the steps toward a fresh financial start.

Frequently Asked Questions

1. What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows individuals to discharge most unsecured debts, such as credit card bills and medical expenses. In exchange, non-exempt assets may be sold to repay creditors. It offers a fresh financial start for those unable to repay their debts.

2. Who qualifies for Chapter 7 bankruptcy?

To qualify for Chapter 7, you must pass the "means test," which compares your income to the median income in your state. If your income is below the median or if you can demonstrate that you do not have sufficient disposable income to pay your debts, you may qualify. A Chapter 7 lawyer can help determine your eligibility.

3. Will I lose all of my assets if I file for Chapter 7?

Not necessarily. In many cases, you can keep most or all of your property, especially if it is exempt under state law. Exemptions can vary by state, but they often cover essentials such as your home, car, and household goods. A lawyer can help make sure you understand what you may be able to keep.

4. What debts can be discharged in Chapter 7 bankruptcy?

Chapter 7 bankruptcy discharges most unsecured debts, including:

• Credit card balances

• Medical bills

• Personal loans

• Utility bills

However, certain debts cannot be discharged, such as:

• Student loans (except in rare cases)

• Child support and alimony

• Certain tax debts

5. How long does the Chapter 7 process take?

Typically, the Chapter 7 process takes around 3 to 6 months from the time you file your petition until you receive a discharge of your debts. Your case may take longer if there are complications or if a trustee needs to sell non-exempt assets.

6. Can I file for Chapter 7 more than once?

You can file for Chapter 7 again, but there are restrictions. You cannot file for Chapter 7 bankruptcy within eight years of a previous Chapter 7 filing. However, if your previous bankruptcy was a Chapter 13, you may be eligible to file for Chapter 7 after only six years.

7. What happens to my credit if I file for Chapter 7?

Filing for Chapter 7 bankruptcy will have a significant impact on your credit score, typically lowering it by 100 to 200 points. A bankruptcy stays on your credit report for up to 10 years, but with time, you can rebuild your credit by practicing good financial habits and managing any remaining debts.

8. Will creditors still contact me after I file for Chapter 7?

Once you file for Chapter 7 bankruptcy, an "automatic stay" goes into effect, which prevents most creditors from contacting you. This includes stopping wage garnishments, collection calls, and lawsuits. However, there are some exceptions, such as child support or alimony obligations.

9. Do I need a lawyer to file for Chapter 7 bankruptcy?

While it’s not required to hire a lawyer for Chapter 7 bankruptcy, it is highly recommended. Bankruptcy law can be complicated, and a lawyer can make sure that all forms are filled out correctly, help protect your assets, and guide you through the process. They can also provide advice on whether Chapter 7 is the best option for you.

10. How much does it cost to file for Chapter 7 bankruptcy?

The cost of filing for Chapter 7 bankruptcy includes court fees (around $335) and attorney fees. Attorney fees vary based on location and the complexity of your case. Many lawyers offer a free consultation to discuss your financial situation and explain the costs involved.