Here’s What Actually Happens When You File for Chapter 7 Bankruptcy

Рет қаралды 55,644

Күн бұрын

There are plenty of myths, lies, half-truths, and stigmas surrounding bankruptcy. As bankruptcy attorney David Shuster reveals in this interview, they are far from reality.
David Shuster is a debt relief attorney with Shuster Law, PLLC in the Dallas-Fort Worth area. He says that a quick, private phone call to an attorney can give you eye-opening advice.
Contact David directly by calling 888-365-0921.
Learn more at his AskTheLawyers.com™ profile: bit.ly/2QsbVpf
Topics covered in this interview:
0:28 - Why is there a stigma surrounding bankruptcy?
2:01 - How do people react to their first meeting with a bankruptcy attorney?
3:13 - What is Chapter 7 bankruptcy? How does it work, step by step?
4:41 - Do you lose your assets when you file for bankruptcy?
6:10 - In Texas, will you lose your house or car when you file for Chapter 7?
7:12 - What sort of debts can you discharge in Chapter 7?
8:32 - At what point should someone ask a lawyer about bankruptcy?
10:17 - How does bankruptcy affect your credit?
Disclaimer: This video is for informational purposes only. In some states, this video may be deemed Attorney Advertising. The choice of lawyer is an important decision that should not be based solely on advertisements.

Пікірлер: 47

@profitdotws9905 4 жыл бұрын

Excellent info more people should be aware

@nfranklin734 4 жыл бұрын

Excellent video. The time stamps are wonderful

@tonypedroza3017 Жыл бұрын

Good information. Thanks

@sheisbeetee 4 жыл бұрын

Thanks and I like how you are really genuine breaking down chap 7 which I did a few years ago. How do you not know you have assets??? Any way you slice it, it is bad. It does not have a positive impact on your credit BUT it gets better in a few years. >>>>>I delete off reports too. ***

@matthewcastillo9951 3 жыл бұрын

What’s the difference with chapters 11 and 13 bankruptcies?

@bonniej0 9 ай бұрын

I'm in Massachusetts. Wells Fargo Mae Freddie Mac. forbearance and wells Fargo sold my mortgage. Get me three notices already threatening me let me know their debt collector. So I just found out I was just charged like I did on chapter 7 but I didn't know I told him I didn't want my mortgage involved I didn't know that I wouldn't control over my own mortgage Italy I'm just renting it so why do I have to pay interest? house anymore.

@65adela Ай бұрын

what about medical bills, I have a pretty good amount due to covid, can those bills be included also.

@marciesalkowski8139 4 жыл бұрын

This was extremely helpful

@shusterlawpllc5074 4 жыл бұрын

Marcie Salkowski I’m glad it helped!

@bonniej0 2 ай бұрын

Another thing is they don't tell you that when you sign for the mortgage that your signature and your note it has a value to it and that they're turning it over for cash to lend you for your mortgage so you're pretty much giving them money to loan it back to you and with interest like who would ever do that they didn't tell anybody that they didn't tell me that so that's a con that's a con artist that's that's you should not be legal? Then the first 10 years of my loan I noticed they went on the registry of my deeds there's other people that are on my loan for the first 10 years that I owned the property

@CBRRR-eh3ky 4 жыл бұрын

Hello David thanks for this informational video. I have not viewed better within the 5 videos i watched on this topic. I am interested to know more about this. Subject: $45k in credit card debt due to a business started with personal cash and credit. No way I can get out of this even after 7 years of payments. Im litterally drowning but still current with all creditors although it is about to snap savagely. What if the debtor have a single member LLC that owns 3 cars worth a maximum of $8000. Does chapter 7 count those debts as the debtor assets since he or she is the owner of the LLC? Looking forward to readimg your reply. I have shared your number.

@AskTheLawyersTM 4 жыл бұрын

Hi there, thank you for the message. This is our AskTheLaywers.com video channel, so if you wish to speak to the lawyer featured on the video, you can call his office directly at 888-365-0921. Good luck.

@mrdeeman5912 3 жыл бұрын

Can I file if I am homeless and have no residence with judgment

@dknowles60 2 жыл бұрын

do you have a job they cant collect if you have no money

@suni214 4 жыл бұрын

if my car is a lease do i need to report it on filing

@christopherdouglas1711 3 жыл бұрын

I can entrust you to Credit Patch-Up LLC smart service because he helped me and my wife remove our past eviction from our credit report and I just got approved for another card worth $30,000 limit and he cleared my friend credit card debt, he's 100% Real and Legit i assure you of a job well done from him you can reach him thru via [Jon@creditpatchup.com] he can also remove any negativity item off your credit report: Bankruptcy, Tax Liens,Public Records, Evictions , Student Loans, Mortgage, Late Payments, Credit Card Late Payments, Charge Offs, Collections, he's one a kind go check him out friends you won't regret this.

@bonniej0 9 ай бұрын

The government's debt not ours! Add my house out three times.

@c1peewee 4 жыл бұрын

Can they touch the only hone you own especially since it a trailer home

@romeocano1919 3 жыл бұрын

Im 90% sure they can

@65adela Ай бұрын

you make an exemption when you go with lawyer, your house and a car are protected, unless you owe them the car, if youre not paying im sure they will take it, if you dont haver a job, no money, you should not have any assets, or at least no mortgage, or owing a car, unless after the bankruptcy, maybe a cash car, im retiring soon, i dont owe anything except medical bills, which i might have to do bankruptcy for that, not sure.

@salvatoreciulla1580 4 жыл бұрын

Could I only include a car in a bankruptcy

@jamesnewcomb6065 4 жыл бұрын

That is not wise at all in my opinion. Sell the car pay the difference. You will probably make out much better.

@bonniej0 9 ай бұрын

It says you made this video four years ago, you really doing live call sessions or that was four years ago? LOL

@traumasurfdude 3 жыл бұрын

JUST LOST MY BANKRUPTCY CASE BECAUSE OF ERRORS IN FILLING NOW HAVE TOO PAY BACK 36000+18000 COURT LAWYER TRUSTEE FEES

@christopherdouglas1711 3 жыл бұрын

@tammyjohnson1884 3 жыл бұрын

What you had assets? Thought that is the only way a trustee would get paid.

@baykrawler 11 ай бұрын

What happened?

@EdmundWilliams777 3 жыл бұрын

What if more tan half my incime is unemployment income?

@JamesValentineBaja1000 4 жыл бұрын

What about 100% VA Rated vets tht also get ssdi

@shuster53 4 жыл бұрын

James - This type of income is exempt from the formula that determines if you have to repay creditors. You should contact an attorney if you have not already done so.

@womanofvalor1356 4 жыл бұрын

Your VA disability is not considered income and is not taxable. This law past this past year.

@womanofvalor1356 4 жыл бұрын

No one can touch your VA disability.

@GiveBlood555 4 жыл бұрын

Dsp sent me

@Drumm3rBo186 4 жыл бұрын

And me

@joshuawt5091 3 жыл бұрын

Like this

@Red_bin 4 жыл бұрын

Can they repo car If I live out of it?

@AskTheLawyersTM 4 жыл бұрын

That's an interesting question that really can only be answered by speaking to a bankruptcy attorney and explaining the full facts of the situation. Most bankruptcy attorneys offer free consultations, so please reach out to one. The attorney in this video is in the Dallas Fort Worth area and can be reached on the number on the video post. Good luck.

@christopherdouglas1711 3 жыл бұрын

@bonniej0 2 ай бұрын

Oh damn this was 4 years ago I hope you asked him a question lol.

@grablefamilyvideos8831 Жыл бұрын

I am about to get started on my bankruptcy, I am so glad I live in Texas.

@bonniej0 2 ай бұрын

That chapter 7 stays on your record for the credit companies for 10 years so it's not over in 6 months you don't owe your unsecured debt you still owe your secure debt they don't rip it up and say you don't owe this anymore you still going to pay your mortgage and stick to stay in the house if you don't reaffirm it cuz they didn't tell me about any of that when I filed by the lawyer was awful he won't even return my calls now 7 years later telling him listen I'm up against the wall right now and they're trying to screw me over and tried to you know get him to call me back and help me and he put that my property was 58,000 discharged 58,000 okay I owed 85 at the time so shouldn't they have taken that $58,000 off of the balance of the 85 and then go from there?