Chapter 7 Bankruptcy
Attorney in Houston, Texas
Guiding Individuals Through Chapter 7
The thought of bankruptcy is frightening and stressful, but the filing doesn't have to ruin your life. Working with a dedicated and experienced attorney can help get you on the right track to debt relief. Our Houston bankruptcy lawyers at Payne & Associates have more than 15 years of experience working on complex bankruptcy cases and have helped hundreds of clients free themselves from the overwhelming burden of mounting debt.
Discover how a liquidation of your assets can provide the financial relief you need.
What Is Chapter 7 Bankruptcy?
While there are many types of bankruptcy filings, Chapter 7 is one of the more common forms that a Houston bankruptcy attorney can assist with. This particular type of filing is known as debt liquidation, as it cancels out nearly all of an individual's debts, including credit card debt, medical bills, collection agency accounts, and more. This allows the person to start with a clean financial slate.
Chapter 7 Bankruptcy Eligibility: The Means Test
In order to qualify for Chapter 7 bankruptcy, an individual must pass the "means test." This test compares the individual's monthly income to the median family income for their family size in their state. This is done primarily to examine an individual’s level of financial hardship and his or her ability to repay the debt. If you are not eligible for Chapter 7 bankruptcy, you can consider Chapter 13 bankruptcy, which is also an effective way to get rid of your debt.
Benefits of Hiring a Bankruptcy Lawyer
Our Houston bankruptcy lawyers at Payne & Associates offer free consultations to determine which form of bankruptcy filing is right for each individual. When you partner up with our firm, we go above and beyond the traditional duty of a bankruptcy lawyer by working closely with each client to help them rebuild their credit scores and monitor their credit reports.
We proudly offer our clients the following services:
Payment plan options
Over 15 years of proven experience
A caring, family-oriented environment
Personalized and customized legal strategies
If you are struggling with the stress of overwhelming financial burden and are curious about whether or not filing bankruptcy is right for you, talk to our firm about your situation, contact us.