Chapter 7

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Reliable Chapter 7 bankruptcy services

At Law Offices of Al Malone, we believe in providing excellent service at an affordable price. As such, we offer full Chapter 7 bankruptcy services for $800. This includes the drafting of the paperwork, representation at the Creditors Meeting, and credit report costs.

The safeguard of asset protection

The law of “Asset Protection” is a mixture of laws that allow you to keep certain property no matter what, even if you owe money to others. Every state has laws that designate specific property you get to keep so that you can continue living a productive life. Even if you owe a trillion dollars, you won’t have to sell the shirt off your back to pay it. In Texas, you don’t even have to sell your million dollar mansion to file bankruptcy. This is called “property exemptions.” They vary state to state and designate the property that’s off limits to your “creditors”.

Exemptions and secured debts

Note that property that is collateral for a purchase-money loan (such as a car securing a car loan or a home securing a first mortgage) is not protected by exemptions from repossession actions by that lender in Chapter 7 bankruptcy.

Any equity you may own in the property is protected and may give you certain rights against holders of judgment liens and second or third lien holders.