Attorney Matthew Wegner

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the most common type of bankruptcy that a consumer or individual files. It is known at the “Fresh Start Bankruptcy”. In a Chapter 7 bankruptcy all of a person’s unsecured debts, like payday loans, credit cards, and medical bills, are discharged. The “Discharge” means that the debt is eliminated and a person cannot be held responsible for those bills any more. The idea is that an individual will get a fresh start in their financial life.
 

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is a type of bankruptcy used by an individual to reorganize their debt. It is commonly known as a “Plan of Reorganization”. The most common reason for a person to file for Chapter 13 Bankruptcy Relief is to prevent the foreclosure and liquidation of a major asset. This is typically are a house or a car.  Less commonly, an individual may seek Chapter 13 relief to address IRS issues, back child support or other governmental obligations. Finally, if a person does not qualify for a Chapter 7 Bankruptcy due to income or the possibility of losing assets, that person may wish to file for Chapter 13 Bankruptcy.
 

Locations

9500 Ray White Blvd
Suite 200
Keller, TX 76244
817-494-3344

1701 W. Northwest Hwy
Suite 100
Grapevine, TX 76057
817-494-3344

785 West Hidden Creek Parkway
Suite 2101D
Burleson, Tx 76028
817-494-3344

Recent Blog Posts

When a client files for Chapter 7 bankruptcy they are given the opportunity to reaffirm certain secured debts like cars and houses. What does "Reaffirm Mean?" Reaffirming a debt means that you... Read More
Almost everyday I get a call from a prospective client asking "How much do you Charge for a bankruptcy?". That is a fair question to ask. Some of these people are not sure if bankruptcy is right for... Read More
I enjoy helping people get out of debt slavery. However there are things you can do NOW to avoid debt yourself. 1) Be Reasonable with your Gift List We all love our families, mostly. When it... Read More