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Chapter 7 Bankruptcy San Antonio

San Antonio Attorneys Ready to Help You

You have tried budgeting, cutting out unnecessary expenses, specifically targeting debts, working extra hours, yet your debt never diminishes. It may feel hopeless, but know that you are not alone. At Villa & White, our legal team is committed to helping you during this stressful time. By filing for Chapter 7 bankruptcy, you can regain control of your finances. Our attorneys understand how to help you throughout the entire filing process and make sure you understand every step.

To learn more about Chapter 7 bankruptcy, please contact us today at (210) 625-4313 or by reaching us online.

Liquidation Bankruptcy

Chapter 7 bankruptcy is the most common type of bankruptcy filed by consumers. Sometimes referred to as "liquidation bankruptcy," Chapter 7 allows you to eliminate most, if not all, of your debts through a liquidation process. The bankruptcy trustee is placed in charge of completing this process, using non-exempt property to repay your debts. One of the benefits of Chapter 7 is that oftentimes many debtors end up keeping most of their property.

Property that is exempt from liquidation include:

  • Clothing
  • Certain retirement accounts
  • Items of low value
  • Cars, under certain circumstances

Do I Qualify for Chapter 7?

In order to qualify for Chapter 7 bankruptcy, you must first take the "means test." This test determines your eligibility by calculating your annual income and taking into consideration all of your debts. If you make less than the median income, you automatically qualify. In the event that you make more than the median income, you are required to input information about your expenses to determine if you can repay your debts within a three to five year period, at which point you would instead qualify for Chapter 13 bankruptcy.

Chapter 7 Bankruptcy Timeline

For people who don’t know what is ahead of them, bankruptcy can be a very intimidating path to go down. You may be dreading all the uncertainty of the days, weeks, and months ahead after declaring Chapter 7 bankruptcy. Fear not, below we have highlighted a timeline to help you better understand the process in a Chapter 7 bankruptcy.

Before Filing: You are required by law to complete a credit counseling course before you can file for Chapter 7 bankruptcy. This will take about 90 minutes and can be done by phone or online.

Step 1- Filing: You must bring in the mandatory paperwork to the appropriate court to officially file for bankruptcy. Once filed, your automatic stay comes into effect immediately.

Step 2- Provide Documentation to Your Trustee: Your case will get a bankruptcy trustee assigned, who will be the direct communicator between you and your creditors and oversee affairs. You will need to provide your most recent tax returns, pay stubs, and any other documents they might require. This process will happen in a few days of your filing.

Step 3- Attend a Creditor’s Meeting: You will be required to attend a meeting with your creditors that will be conducted by your trustee right around 30 days of your official filing. Majority of the time your creditors won’t show up, but you will still be required to answer some questions to your trustee under oath regarding information from your paperwork. These are usually pretty quick meetings, ranging from 5 to 15 minutes.

Step 4- Mandatory Budget Counseling: You will also need to attend a budget counseling course either online or by phone no later than 60 days after your creditor’s meeting. You will need to show proof that you completed the course by filing a form with your certificate of completion.

Step 5- Obtain a Discharge: In the next couple of months, your creditors will be in contact with your trustee and they will have the opportunity to object your debts being discharged and will seek to transfer any of your non-exempt property to them for liquidation (if you own any). Once complete, the court will send you a notification that your debts have been discharged. This will officially complete your case.

Each case has its own hurdles, and our San Antonio Chapter 7 bankruptcy attorneys will help you understand what your specific timeline will be, discuss all of your options and guide you through the entire process.

Call us at (210) 625-4313 to learn what our San Antonio attorneys can do to help you today.

Why Hire Villa & White?

  • We have experience successfully handling cases just like yours
  • We provide personalized attention to you and your case
  • We offer free consultations, regardless of your legal matter
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