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It’s no secret that in our still struggling economy, even people in Plano are unable to make ends meet regardless of how much they cut back or how much they work. When every phone call brings yet another barrage from bill collectors, the stress of financial difficulties can be overwhelming. For many people, Chapter 7 bankruptcy provides a way to gain a fresh start on life. Chapter 7 bankruptcy is the fastest way to resolve insurmountable debt. Consulting with an attorney who has vast experience with this type of bankruptcy is absolutely essential because not all attorneys will understand exactly what kinds of property are exempt from a Chapter 7 reaffirmation agreement. Because you are required to sell off certain assets in order to file for this kind of bankruptcy, it is important that your attorney be skilled in exempting as much as possible so that you can retain as much of your property as is legally possible. That being said, Chapter 7 bankruptcy will enable you to eliminate debt associated with credit cards and personal loans, as well as medical and utility bills. In some instances, even certain unpaid taxes are eligible for elimination in a Chapter 7 bankruptcy case. However, as many people are already aware from multiple news stories this past year, student loans cannot be discharged through bankruptcy. Chapter 7 bankruptcy is not, as some politicians try to portray it, a free ride for anyone. This form of bankruptcy requires that you sell off all of your non-exempt property in order to pay your creditors as much of your debt as you can. This does not mean, however that you will have to sell off all of your property. Discuss with your attorney which items are considered exempt by Texas law. A seasoned and knowledgeable Plano bankruptcy attorney will help you to obtain a fresh start without having to do so totally empty-handed. Chapter 7 bankruptcy is not available to everyone as there are some fairly strict requirements that apply in terms of the amount of debt you have and your ability to pay. Your Plano bankruptcy attorney will evaluate your case and apply a means test to determine if Chapter 7 or some other form of bankruptcy is your best option. One thing that is certain, however: Continuing on the same path as you are currently on is not going to help. Contact an attorney who serves the Plano area today to ascertain if bankruptcy or some other form of debt relief is the right course of action for you. For more information visit : http://businessbookmarks.org/Law%20Services/
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