Houston Chapter 7 Bankruptcy Lawyers

Debt Relief Solutions at Grand Law Firm in Houston

If you are struggling to pay your bills, you may be wondering if bankruptcy is the right option for you. While bankruptcy is not for everyone, it is an option for those who have fallen behind on their bills and have little hope of making payments in the near future.

At Grand Law Firm, we can review your financial situation and determine if filing for Chapter 7 bankruptcy is the right path for you. Our experienced Chapter 7 attorneys in Houston can advise you on the appropriate course of action.

Are you considering filing for bankruptcy? Contact us online to learn if Chapter 7 bankruptcy is right for you.

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is also known as liquidation bankruptcy. This type of bankruptcy involves the liquidation of certain assets to pay creditors. 

In Chapter 7 bankruptcy, the following assets may be liquidated:

• Certain equity in your home
• Your vehicle
• Your wages

Qualify for Chapter 7 Bankruptcy in Houston

To qualify for Chapter 7 bankruptcy, you must pass a means test. The means test is a mathematical calculation that determines whether you have the ability to repay your debts. If you pass the means test, you are eligible to file for Chapter 7 bankruptcy.

If you fail the means test, you may still qualify for Chapter 7 bankruptcy if you meet one of the following requirements:

• Your disposable income is less than your monthly living expenses
• You are disabled
• You are not a wage earner

If you are considering filing for Chapter 7, reach out to the experienced bankruptcy attorneys at Grand Law Firm. We can help you determine if you are eligible for this type of bankruptcy and can guide you through the process.

Advantages of Filing for Chapter 7 in Houston

There are several benefits to filing for Chapter 7. If you are struggling to pay your bills, it may be the right option for you. Some of the benefits of Chapter 7 bankruptcy include:

• You will be able to discharge your unsecured debts such as medical bills, credit card debt, and personal loans
• You will no longer be responsible for paying your unsecured debts
• You will no longer be harassed by creditors
• You may be able to keep your house
• You may qualify for a fresh start

How to File for Chapter 7 Bankruptcy in Houston

A few essential steps are involved in filing for bankruptcy Chapter 7. To begin, you have to check your eligibility -- not everyone may file for Chapter 7. Due to the requirement of selling non-exempt assets in order to pay debts, this type of bankruptcy is often reserved for people with low incomes and limited assets.

Once you confirm your eligibility, gather your financial documents. This includes income records, a list of assets and liabilities, expenses, contracts, leases, and tax returns. It's crucial to provide an accurate and detailed financial picture.

Then, within 180 days of filing, you must undergo credit counseling from an approved service. You can submit a petition and other essential paperwork to the bankruptcy court after fulfilling this condition. There is a filing cost, however, in some circumstances, you may be eligible for a fee waiver.

An automatic stay is put into place after filing, stopping creditors from making collection efforts. Your case will be overseen by a trustee, who may sell non-exempt assets to settle your debts. The discharge of several unsecured debts that occur in most Chapter 7 cases is simple and gives borrowers a new financial start.

Support Through Your Bankruptcy Journey in Houston

Filing for bankruptcy can be a stressful and confusing experience. You may be unsure of what to expect or how the process works. At Grand Law Firm, we can guide you through the process and help you understand your rights and options.

Our Houston Chapter 7 bankruptcy lawyers can help you get the fresh start you deserve. We can help you get rid of your debt and rebuild your life.

To learn more about the benefits of filing for Chapter 7 bankruptcy, contact Grand Law Firm at (504) 608-5208.