A good Fort Worth bankruptcy attorney knows and understands about how new federal bankruptcy laws passed back in 2005 has changed filing for bankruptcy. While you and your Fort Worth bankruptcy attorney can do everything you could in a bankruptcy case before 2005, it has become at least slightly more difficult to file for personal bankruptcy, though not impossible. However, you will need a Fort Worth bankruptcy attorney since they may have difficulty with your case so you can wonder how much harder you would find filing for bankruptcy on your own.

One of the main areas of bankruptcy law that has changed is in filing for chapter 7 personal bankruptcy. Also called liquidation and straight bankruptcy, chapter 7 personal bankruptcy sees a trustee appointed by the bankruptcy court helping you liquidate your nonexempt personal property to help pay back your creditors. You will not lose all of your property with this type of bankruptcy and, in fact, it is quite rare for anyone filing bankruptcy to lose their car and house.

You are allowed to use either federal bankruptcy exemptions or state bankruptcy exemptions to save your personal property from liquidation. This personal property is exempt and the property that actually gets liquidated is called nonexempt property. This is why the idea that you lose all of your personal property when filing for bankruptcy is simply a myth.

Chapter 7 personal bankruptcy is the quickest form of bankruptcy. Generally, you receive a discharge within months. However, a chapter 7 personal bankruptcy stays on your credit report for 10 years.

The 2005 federal bankruptcy laws made it more difficult to file for chapter 7. Now you must take a means test to determine how much disposable income you have. If your average monthly income exceeds that of the average monthly income for the state in which you are filing, then you are ineligible for chapter 7 personal bankruptcy. Your average monthly income must be lower or the same as the average monthly income for the state in which you are filing.

For experienced, knowledgeable and trustworthy bankruptcy assistance, contact the attorneys from www.legalhelpers.com. Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 offices across the country.