The Fastest Way to Get a Fresh Financial Start
Chapter 7 bankruptcy is the fastest and simplest way to wipe out debts and get a fresh financial start. At the Maida Law Firm, we offer a free initial consultation to answer your questions about Chapter 7 bankruptcy and determine if you are eligible. We have offices in Beaumont and Houston and serve clients throughout southeast Texas and the Texas Gulf Coast.
Who is Eligible to File Chapter 7 Bankruptcy
You can file Chapter 7 bankruptcy if you do not earn more than the median income for your -family size in Texas. Even if you earn more than the median income, you can file Chapter 7 bankruptcy if you:
- Do not have enough earnings to repay at least 10 percent of your debt or $10,000 over a five-year period in a Chapter 13 debt repayment plan
- Are a military veteran who is more than 30 percent disabled
- Are on active duty with the National Guard
Don't assume that you cannot file Chapter 7 bankruptcy just because a creditor or another lawyer said you were not eligible. Bring your financial information to us and our attorneys will determine if you are eligible.
How Chapter 7 Bankruptcy Works
Filing Chapter 7 bankruptcy allows you to obtain a discharge of unsecured debts such as credit card bills, hospital bills, unpaid traffic tickets and payday loans. Certain kinds of tax debts can also be discharged. Secured debts (those that are backed by property such as your home or your car) will have to be paid if you want to keep the property.
Chapter 7 bankruptcy is known as liquidation bankruptcy. This means that the bankruptcy trustee has the right to take any property that is not "exempt" and use it to pay your creditors. Exempt property is different in every state. In Texas, you can keep all equity in your homestead. You can also keep your retirement savings, your household belongings up to a certain value and a car up to a certain value.
We'll be able to give you specific information about which of your debts can be discharged and which assets are exempt from liquidation during your consultation.
Learn more about filing Chapter 7 bankruptcy:
Contact Our Houston and Beaumont Bankruptcy Liquidation Lawyers
Our Beaumont and Houston Chapter 7 bankruptcy attorneys offer a free initial consultation to discuss your financial situation. Call 409-291-5117 to schedule a consultation at our Beaumont office or 713-987-3910 to schedule a consultation at our Houston office.
