Chapter 7 Bankruptcy and Houston Debt Relief
Chapter 7 Bankruptcy is a Debt elimination process which can allow you a fresh financial start. If you are feeling constant financial pressure of overwhelming debt, you may consider filing Chapter 7 Bankruptcy as a debt relief option. If you are reading this you may be considering Chapter 7 Bankruptcy as a way to address your debts. You are not alone. Many people in Houston, Katy, Sugarland, Channelview, Pasadena, Missouri City, Texas City, and throughout the Houston, Texas area have filed for Chapter 7 Bankruptcy to eliminate their credit card debt, lawsuits, medical bills, or simply to obtain a fresh financial start.
Oftentimes people will deny that Chapter 7 Bankruptcy is a debt relief option for them. They may trudge along knee deep in debt, living from paycheck to paycheck, and borrowing from one credit card to pay another. They may have tried alternatives to bankruptcy, credit counseling, and borrowing from their 401ks, but still their debt (and the stress that goes along with it) continues to rise or doesn’t go away. Then one day, an event like a lawsuit from a credit card company, a tax levy from the IRS, a loss of employment or medical illness puts them on the financial ledge. That is usually when most people consider filing for Chapter 7 Bankruptcy. If you are in financial trouble contact Houston Bankruptcy Lawyer R.J.Atkinson for a free bankruptcy evaluation. Don’t wait until financial ruin before considering Chapter 7 Bankruptcy relief.
Like many people living in the Houston area who have already filed for Chapter 7 Bankruptcy, Chapter 7 was probably their best option to keep their property, eliminate their eligible debt, and start over financially. Depending on your situation, Chapter 7 Bankruptcy may be a debt relief option for you to do the same.
Chapter 7 Bankruptcy can do a lot for someone who needs a fresh financial start. Despite what you may heave heard in the media about the latest changes to the bankruptcy law, Chapter 7 Bankruptcy is still available. Most people who were eligible before the laws changed are still eligible to file now. There is now a means test for individuals, as well as some other prefiling requirements, but for the majority of those in Houston who need bankruptcy protection, many are still eligible to file Chapter 7 Bankruptcy.
A Chapter 7 bankruptcy is kind of like a personal going out of business sale. After filing a Chapter 7 petition with the Bankruptcy Court, you essentially turnover all of your personal belongings, assets, and property over to a Chapter 7 Trustee appointed by the Court. The Trustee inventories the property and then sells it. After the sale the Chapter 7 Trustee then distributes the money to your creditors in accordance with their claims. Although this may sound like you will be loosing all of your property, that’s not what actually happens.
In a Chapter 7 Bankruptcy most people don’t lose anything at all. Most individuals filing for Chapter 7 Bankruptcy in Texas are allowed to keep all of their property. That’s because the Bankruptcy Code allows you to keep a certain amount of property which is considered by both Federal or Texas law to be “exempt” from creditors. These Federal exemptions or Texas exemptions are categorized by the type of property such as your homestead, your household furnishings, clothing, tools of the trade, etc... You can’t use both Federal and Texas but you can choose which exemption scenario best suits your particular circumstances.
Most people in the Houston area utilize Chapter 7 Bankruptcy to eliminate credit card debt, payday loans, medical bills, certain taxes, and other eligible unsecured debt. If you are behind on your mortgage or car payment, you cannot get rid of those debts in a Chapter 7 Bankruptcy without loosing your home or your car. Any payments that you may be behind on, like your house or your car are considered secured debts. If you choose to address these types of debts in bankruptcy without loosing your house or car, then filing a Chapter 13 Bankruptcy and repaying the missed payments through a Chapter 13 repayment plan is an option.
Chapter 7 Bankruptcy was designed for consumers and businesses that need relief from their creditors and collection activity. Chapter 7 bankruptcy can provide debt relief to those who simply want to eliminate as much of their debts as allowed by law and to start over. Credit card debt, medical bills, payday loans, as well as certain taxes, judgments, lawsuits, and most all other types of unsecured debt can be eliminated in a Chapter 7 Bankruptcy.
Contact the Houston Bankruptcy Attorneys at The Law Offices Of R.J.Atkinson for a free initial consultation to assess your financial situation and to make an informed decision on how to deal with your debt.
If you are thinking about filing for Chapter 7 Bankruptcy, contact us. Whether you live in Houston, Sugarland, Missouri City, Baytown, The Woodlands, Pasadena, Channelview, and throughout the Houston Texas metro, or in the counties of Harris, Fort Bend, Montgomery, Brazoria, or Galveston, or most anywhere in the great State of Texas, contact the Houston Bankruptcy Lawyers at The Law Offices Of R.J.Atkinson for a free bankruptcy evaluation to see how we can help you deal with your debt in bankruptcy. We may be able to help you file for Chapter 7 Bankruptcy as well as discuss your bankruptcy alternatives if Chapter 7 is not for you. Our Houston Bankruptcy Law Firm welcomes the opportunity to discuss your debt relief options.
Want to know more about Chapter 7 Bankruptcy and Debt relief in Houston?
Call the Houston Bankruptcy Lawyers at: 713-862-1700
