Chapter 7 Lawyer in Waco, Texas

Financial challenges can strike anyone — from medical bills to job loss or mounting credit card debt. When expenses pile up and the pressure feels unbearable, it’s easy to feel trapped and uncertain about the future. For many families, Chapter 7 bankruptcy offers a chance to start fresh, eliminate unsecured debt, and rebuild financial stability.

At Pakis, Giotes, Burleson & Deaconson, P.C., located in Waco, Texas, we’ve been helping clients across Central Texas find clarity and control through sound legal guidance. Our firm’s approach emphasizes clear communication, compassion, and practical solutions to help you move forward with confidence.

If you’re feeling burdened by overwhelming debt, we’re here to help you understand your options and regain financial stability. Reach out to us today to discuss how bankruptcy may offer the fresh start you deserve.

What Chapter 7 Bankruptcy Does for Individuals

Chapter 7 bankruptcy—often called “liquidation bankruptcy”—allows individuals to discharge most unsecured debts, such as credit card balances, medical bills, and personal loans. It’s typically designed for people who don’t have the income or resources to pay off their debts over time. When appropriately filed, Chapter 7 can:

• Stop creditor harassment and wage garnishment.
  

• Eliminate unsecured debts permanently.
  

• Protect exempt assets under Texas law.
  

• Offer a faster path to financial recovery compared to repayment-based plans.

This type of bankruptcy isn’t about failure—it’s about recovery. Many individuals who pursue Chapter 7 do so to regain control and start fresh after unexpected hardship.

Eligibility for Chapter 7 Bankruptcy

Not everyone automatically qualifies for Chapter 7 bankruptcy. The U.S. Bankruptcy Code requires filers to meet specific financial criteria to determine if they’re eligible for debt discharge under Chapter 7. Here are the key factors in eligibility:

• Means test evaluation: Compares your income to the median income in Texas. If it’s below the median, you may qualify.
  

• Asset protection: Texas allows certain exemptions to protect your home, car, and essential personal property.
  

• Previous filings: There are waiting periods if you’ve filed for bankruptcy before.
  

• Debt type: Most unsecured debts qualify, while secured debts and student loans are often treated differently.

If you’re uncertain whether you qualify, consulting an experienced bankruptcy attorney can help clarify your standing and guide you through the filing process efficiently.

Before filing, our attorneys review your financial situation in detail to determine the best course of action. We’ll help you identify what property can be retained, what debts can be discharged, and how to achieve long-term stability.

What Debts Can Be Discharged

One of the most common questions we receive is, “Which debts can Chapter 7 eliminate?” The answer depends on your circumstances, but most unsecured debts are eligible for discharge. The common dischargeable debts include:

• Credit card balances: High-interest debt that often grows unmanageable.
  

• Medical bills: Expenses related to illness or emergency care.
  

• Personal loans: Unsecured borrowing from banks or private lenders.
  

• Utility bills: Outstanding payments for services.
  

• Judgments: Certain court judgments related to unsecured debts.

Some debts, such as child support, recent taxes, or student loans, are generally not dischargeable. We help clients review their full financial picture to understand what relief they can realistically expect. Knowing which debts can be cleared helps you make informed decisions about your next steps toward rebuilding your finances.

Protecting Property During Chapter 7

Many people worry they’ll lose everything if they file for Chapter 7. Fortunately, Texas has some of the most generous exemption laws in the country, allowing filers to keep vital assets necessary for daily life. Texas bankruptcy exemptions often include:

• Homestead: Your primary residence, regardless of value, within acreage limits.
  

• Vehicle: One vehicle per licensed household member.
  

• Personal property: Clothing, furniture, and essential household goods.
  

• Retirement accounts: Most pensions and retirement funds are protected.
  

• Tools of the trade: Equipment necessary for your profession or business.

Our attorneys work closely with clients to identify exempt assets and protect them throughout the bankruptcy process. We make sure you understand precisely what’s at stake—and what isn’t—before moving forward.

Filing for bankruptcy doesn’t mean losing your home or future. It’s about eliminating overwhelming debt so you can keep what matters most.

The Chapter 7 Bankruptcy Process

Filing for Chapter 7 involves a series of structured steps designed to provide transparency and fairness for both debtors and creditors. While the process can feel intimidating, having a knowledgeable advocate simplifies each stage. Here are the key stages of the process:

• Pre-filing consultation: We assess your debts, assets, and eligibility for Chapter 7.
  

• Petition preparation: Legal documents are filed with the bankruptcy court.
  

• Automatic stay: All collection actions and lawsuits stop immediately.
  

• 341 meeting of creditors: You answer questions about your financial situation under oath.
  

• Debt discharge: Eligible debts are permanently erased, typically within months.

Each step has specific requirements and deadlines, and our attorneys help make sure all documentation and actions are completed accurately. Our goal is to help you move through the process efficiently so you can focus on rebuilding your financial health.

Life After Chapter 7 Bankruptcy

Rebuilding after Chapter 7 bankruptcy takes time—but it’s absolutely possible. Once your debts are discharged, you can focus on developing healthier financial habits and gradually restoring your credit. Some smart steps for rebuilding:

• Monitor your credit: Regularly check reports for accuracy and progress.
  

• Create a budget: Track income and expenses to prevent new debt.
  

• Use credit wisely: Consider a secured credit card to rebuild your credit history.
  

• Build an emergency fund: Even small savings can provide stability.
  

• Seek financial education: Local nonprofit organizations offer free counseling and resources.

The relief that follows a Chapter 7 discharge is both emotional and financial. Many clients describe feeling like they can finally breathe again—ready to plan for the future with renewed confidence.

How We Help Clients Through the Process

At Pakis, Giotes, Burleson & Deaconson, P.C., we’re committed to providing the knowledge and support our clients need during challenging times. From the first consultation to the final discharge, we guide you through every step with care and professionalism. Clients can expect:

• Personalized strategy: Every financial situation is unique, and we tailor our approach accordingly.
  

• Clear communication: We explain every step so you know what to expect.
  

• Accessible guidance: You can count on timely responses and transparent advice.
  

• Proven results: Our attorneys have decades of combined experience handling bankruptcy and creditor rights cases.

We believe that filing for Chapter 7 isn’t about giving up—it’s about taking back control. Our focus is on helping clients achieve long-term stability and peace of mind.

Alternatives to Chapter 7 Bankruptcy

While Chapter 7 provides significant relief, it’s not always the best fit for every situation. Some individuals may benefit from exploring alternative paths before committing to filing. Possible alternatives include:

• Chapter 13 bankruptcy: A repayment plan that helps protect assets while managing debt over time.
  

• Debt settlement: Negotiating directly with creditors for reduced payments.
  

• Loan modification: Adjusting loan terms to make repayment more manageable.
  

• Credit counseling: Working with certified counselors to develop new financial strategies.

We help clients weigh these options to choose the most effective approach for their needs. For many, Chapter 7 offers the clean break they need—but understanding all available paths leads to better long-term outcomes.

Common Misconceptions About Bankruptcy

Bankruptcy carries a lot of stigma, but much of what people believe about it simply isn’t true. Clarifying these misconceptions helps individuals make informed choices. Some key misconceptions include:

• “I’ll lose everything.” Most people keep their home, car, and personal property.
  

• “My credit will be ruined forever.” Credit can often be rebuilt within a few years.
  

• “It’s a sign of failure.” Bankruptcy is a legal tool for financial recovery, not defeat.
  

• “Everyone will know.” Most filings are private and not shared publicly.
  

• “I’ll never qualify for loans again.” Many people are eligible for credit within months after discharge.

By dispelling these myths, we help clients view Chapter 7 for what it truly is—a legal right and a second chance.