Houston Chapter 7 Bankruptcy

Filing for personal Chapter 7 bankruptcy in Houston

Chapter 7 bankruptcy is usually the simplest and quickest form of bankruptcy.  It is available to individuals, married couples, corporations and partnerships.  When someone files for Chapter 7 bankruptcy protection, creditors are immediately prohibited from trying to collect on debts.

Under a Chapter 7 bankruptcy filing, a trustee is appointed by the court to sell non-exempt property, with the proceeds used to pay off creditors.  Most of the time, a Chapter 7 filing is a no-asset case, which means the person filing does not have any non-exempt property for the trustee to sell.

The decision to file for personal bankruptcy under Chapter 7 can be a difficult one.  Those under financial stress should consider carefully whether filing for bankruptcy is the best course to follow.  Seeking good advice from an experienced bankruptcy attorney is a smart step when facing this decision.

Reasons for considering Chapter 7 bankruptcy in Houston

Consumers facing mounting bills and an inability to pay them may find it necessary to consider filing for personal bankruptcy under Chapter 7.  Here are some indicators that a Chapter 7 filing might be worthy of consideration:

• You lost your job or business
• You are going through a divorce or costly illness
• You are only able to pay the minimum amounts on your bills
• You are receiving notices that your mortgage is being foreclosed
• You cannot budget yourself out of debt within five years

Not all debts go away

Filing for a Chapter 7 bankruptcy does not eliminate all debts. The person filing is still responsible for:

Means testing

Federal bankruptcy laws provide for a means test to determine whether someone is eligible to file for Chapter 7 bankruptcy.  Means test eligibility falls to those with income below the median income for families in Texas, based on Census Bureau statistics.

Credit counseling

Those filing for personal bankruptcy under Chapter 7 must complete approved credit counseling and file any overdue tax returns within weeks of filing.

Consult with us

Jack N. Fuerst & Associates, P.C. represents clients throughout the Houston area and its surrounding counties.  This Houston Chapter 7 law firm offers all clients a free initial consultation.  We also offer evening and weekend appointments for the convenience of our clients.  Please contact Jack N. Fuerst & Associates, P.C. at 1-866-641-0123 or contact us online.