Liquidation Bankruptcy in Houston, TX
Call Our Houston Bankruptcy Lawyers to Learn More: (713) 766-0333
If you are feeling overwhelmed by debt, filing for bankruptcy may be an
option for you. Our
Houston bankruptcy attorneys at Payne & Associates understand the tremendous pressure and stress
that comes with debt and bankruptcy. We can help guide you through the
entire bankruptcy process, from filing the applications and meeting with
creditors to seeking a discharge of your debts.
Call our office at (713) 766-0333 to discuss your options.
What is Liquidation Bankruptcy?
Chapter 7 bankruptcy is often referred to as liquidation bankruptcy because it wipes out your
unsecured debt, which includes credit card bills, medical bills, personal
loans, etc. All of your nonessential property will also be liquidated,
including second card, additional homes, and investments to pay off your
debts. In Chapter 7 bankruptcy, virtually all of your debt will be eliminated,
allowing many clients the opportunity to start over financially.
Not all debt can be eliminated in liquidation bankruptcy, including:
- Student loans
- Income tax debt
- Child support payments
You can learn more about what you can expect during and after liquidation
bankruptcy by calling our Houston bankruptcy lawyers for a
The Homestead Exemption
Texas is unlike other states in that it allows bankruptcy filers to use
the homestead exemption. For most people, their home is their most valuable
asset. The state allows people to exempt their homes from that filing,
which means that
you can keep your home. In many cases, this exemption makes it beneficial for individuals to
file Chapter 7 over Chapter 13 bankruptcy, but the distinctions are very
complex and should be discussed with a Houston bankruptcy lawyer.
If you are contemplating filing bankruptcy, talk to our Houston bankruptcy
attorneys at Payne & Associates. We have more than 15 years of experience
helping clients not only file bankruptcy, but also repair and monitor
their credit following the filings.
Call us at (713) 766-0333 today to see if liquidation bankruptcy is right for you.