How to Get Out of Debt Without Paying Any Money

This video features David Shuster, a Bankruptcy attorney based in Texas.

Texas Bankruptcy Attorney Explains

Video Transcript:

Tom Mustin: 

How can I get out of debt without paying?

David Shuster: 

The best answer to that question is gonna be through a Chapter 7 bankruptcy. That offers the fresh start bankruptcy. Okay, there's a lot of rules in place. It's a... "Oh, it sounds bad. I'm gonna get out of debt without paying. It's for bad people. Only bad people do that." No, Chapter 7 bankruptcy is a solution that provides exemptions for the property you can keep. It provides rules for, you know, how long ago did you take out the debt? Did you have... Did you come into court with good faith and clean hands as they say, right? And so if all these rules have been applied and Chapter 7 is a good fit for you, then it's a fresh start without you paying back any of the debt. You know, of course, this excludes student loans and IRS debt and such, but yes, Chapter 7 is the short answer to your question.

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