Attorney in Houston, Texas
If you are feeling overwhelmed by debt, filing for bankruptcy may be an option for you. Our Houston bankruptcy lawyers 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.
You have options when it comes to alleviating your debts. Reach out to me today to learn more.
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 a 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 a liquidation bankruptcy, including:
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 one-on-one consultation.
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.