A Mansfield Bankruptcy Lawyer, serving Fort Worth, Arlington, and Dallas
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.
Consider our firm if you need an Arlington Bankruptcy Lawyer, a Dallas Bankruptcy Lawyer, a Fort Worth Bankruptcy Lawyer, a Mansfield bankruptcy lawyer.
Chapter 7 Bankruptcy
Chapter 7 of the United States Bankruptcy Code is commonly known as a liquidating bankruptcy, personal bankruptcy, straight bankruptcy, or just bankruptcy. Chapter 7 wipes out many of your debts instantly and allows you to keep limited amounts of your property.
In most cases it stops garnishments, lawsuits, and harassment permanently. It also stops repossessions and foreclosures temporarily, but in many cases, not permanently. Chapter 7 is a good solution for medical bills, credit card debts, some old taxes, and many other unsecured debts.
Chapter 7 usually takes three to five months from the date of filing to the final discharge. You can file only once in six years.
At filing, the individual provides a list of all assets and obligations. A bankruptcy trustee goes over the list and decides whether to sell any unprotected assets to pay outstanding debts. Creditors can object on several grounds, including sudden disappearance of assets and lies in the bankruptcy filing.
If you file a chapter 7 bankruptcy, you will present a list of all assets and obligations to the bankruptcy trustee. The trustee decides whether to sell any unprotected assets to pay debts. But Chapter 7 won't make all debts go away. You will still have to repay:
- Most student loans
- Child support
- Criminal fines, fees, and restitution
- Alimony
- Any debts incurred through fraud
- Debts on assets that you plan to keep (like a home or a car).
Ted Machi is Board Certified* in Consumer Bankruptcy law by the Texas Board of Legal Specialization. For over thirty years, he has helped the little guy in the DFW metroplex through effective, determined, professional representation.
The Debt Doctor on TV
Have you seen the Debt Doctor on TV. He has shown us how bankruptcy is not as scary as you might think, and some credit counselors fail to tell the whole story. Below are couple of the Debt Doctor's Commercials.
More Debt Doctor Commercials are here.
From the MachiLaw Blog
The latest posts from our Bankruptcy Blog are below.
- Before You File for Personal Bankruptcy: Questions to Ask when Choosing a Cedit Customer.
- Before You File for Personal Bankruptcy: Pre-bankruptcy Counseling
- Before You File for Personal Bankruptcy: For More Information and Assistance
- Before You File for Personal Bankruptcy: Post-Filing Debtor Education
- Before You File for Personal Bankruptcy: Counseling and Education Requirements
- Before You File for Personal Bankruptcy: Information About Credit Counseling and Debtor Education
- A Growing Collection of Bankrutpcy Information
- Bankruptcy Means Test
- History of Bankruptcy
- Bankruptcy Terms (a-d)
Famous and Bankrupt
The list of famous people who faced bankruptcy is long. A short list includes P.T. Barnum,
Lorraine Bracco,
Kim Basinger,
Toni Braxton,
Lenny Bruce,
Buffalo Bill,
Tia Carrere,
George Clinton,
Francis Ford Coppola,
David Crosby,
Walt Disney,
Jim Dooley,
William C. Durant,
Mick Fleetwood,
Zsa Zsa Gabor,
Marvin Gaye,
Ulysses S. Grant,
Archie Griffin,
Corey Haim,
Dorothy Hamill,
MC Hammer,
Isaac Hayes,
Milton Snavely Hershey,
Ronald Isley,
Don Johnson,
Margot Kidder,
Larry King,
Suge Knight,
Cyndi Lauper,
Jerry Lee Lewis,
Abraham Lincoln,
Meat Loaf,
Lisa "Left Eye" Lopes,
William McKinley,
Willie Nelson,
Wayne Newton,
Ted Nugent,
Thomas Paine,
Tom Petty,
Tammy Wynette,
Oscar Wilde,
Mark Twain,
Lawrence Taylor,
Burt Reynolds,
Willie Nelson,
George Foreman,
Sheryl Swoopes,
Mickey Rooney, Donald Trump.
Bankruptcy Lawyer Information
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