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Chapter 7 Bankruptcy Attorneys in Dallas-Fort Worth

Erase Debts & Claim a Clean Slate in Texas & across the U.S.

Every year, millions of Americans find themselves burdened by credit card debt they can never realistically pay back. Chapter 7 bankruptcy – also known as liquidation – offers a path to eliminating unsecured debts. For those who qualify, Chapter 7 bankruptcy protection paves the way toward new beginnings and a clean slate.

At Norred Law, we assist clients with both personal and business bankruptcies. Our firm prides itself on offering personalized, one-on-one client service. We do not run a high-volume business that depends on overwhelming the market with advertising and impersonal service – instead, we emphasize quality over quantity to provide our clients with accessible and responsive service. We are conveniently located in Arlington and serve clients throughout the Dallas-Fort Worth Area.

Get in touch with our team by contacting us online or calling (817) 500-9433.

Chapter 7 Bankruptcy for Individuals

For individuals who qualify, Chapter 7 personal bankruptcy can permanently eliminate most types of unsecured debt in just a few months.

Usually, these bankruptcies are due to debts such as:

  • Credit card debt
  • Medical bills
  • Utility bills
  • Leases
  • Personal loans
  • Certain types of business debts

Chapter 7 Bankruptcy for Businesses

Not every business needs to file Chapter 7 bankruptcy upon ending. Non-bankruptcy solutions, such as a simple dissolution, may be more appropriate. However, businesses may benefit from pursuing Chapter 7 to wrap up their affairs in an orderly manner. Businesses do not discharge their debts in bankruptcy as an individual does – the debt just becomes un-collectable.

As Texas business owners for more than 15 years, we are particularly attuned to the concerns that small businesses face. We draw on this first-hand experience to help our small-business clients achieve their long-term goals. Our Dallas-Fort Worth bankruptcy attorneys can determine whether Chapter 7, Chapter 11, or non-bankruptcy solutions will best meet your needs. If you are a business owner pursuing Chapter 7 bankruptcy, our bankruptcy attorneys can help you wind down a dying business, allowing you to move on toward new ventures with a clean start.

Qualifying for Chapter 7 Bankruptcy

Since 2005, individuals must qualify for Chapter 7 or be forced to pay their disposable income to creditors for three to five years.

Debtors may qualify for Chapter 7 bankruptcy in any of the three following ways:

  • Having an income less than the average income for their household size.
  • Having the majority of debt be “non-consumer”. This can be tricky because a mortgage is considered consumer debt and can often cause the struggle. Large judgments that come from a lost civil trial will often push individuals into a position where they qualify. This calculation is sometimes difficult to predict and takes some skill.
  • Passing the “Means Test.” The Means Test is a calculation that seeks to determine a bankruptcy debtor’s disposable income, based on some real-world expenses such as mortgage and car payments and IRS allowances that sometimes are less realistic. If a debtor can pass the Means Test by showing he has insufficient funds to pay back any appreciable amount of money to his unsecured creditors, he can file a Chapter 7 bankruptcy petition.

Individuals who have an income too high to qualify for Chapter 7 can still obtain debt relief through Chapter 13. Both types of bankruptcy act as a shield against creditors. Our bankruptcy attorneys in Dallas-Fort Worth also offer other types of debt relief service, including fair debt collection practices claims that assist those who are targets of overzealous creditors.

To learn more about whether filing for Chapter 7 bankruptcy protection can benefit you or your business, call Norred Law at (817) 500-9433.

Client Testimonials

The Opinions that Matter Most
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    Former Client

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The Differences

Between Frustration & Peace of Mind
  • Transparency

    Our clients can access an electronic communication system to check the status of their cases.

  • Availability

    We do our best to respond to all queries within 24 hours of receiving them.

  • Quality

    We establish reasonable expectations and work tirelessly to exceed them.

  • Committment

    We work to create long-term relationships with our clients through helpful representation.