Chapter 7

Houston Chapter 7 Bankruptcy Lawyer

Kisch Law Firm Counsels Individuals and Couples Seeking Relief

Unfortunately, we live in a constantly shifting economic landscape that often presents financial challenges. In many instances, individuals are unsure how to regain control of their finances and debts. Depending on your situation, you may be able to file for Chapter 7 bankruptcy to try to obtain financial stability.

If you are seeking a fresh financial start, the first step is to consult a bankruptcy attorney who can help you gain the peace of mind you deserve. Kisch Law Firm, PLLC, is a law firm dedicated to helping clients find debt relief. Contact our Houston bankruptcy attorney today to schedule a free consultation so we can professionally assess your case.

How Does Chapter 7 Bankruptcy Allow Consumers to Discharge Debt?

Sometimes, situations beyond your control can profoundly impact your earning potential and lead to overwhelming debt. If you find yourself unable to pay your bills, consider filing for bankruptcy. Designed to give debtors a fresh start, Chapter 7 bankruptcy gives you and your spouse relief from debts through the discharge of most unsecured debts. Once you have filed for bankruptcy, creditors must immediately stop collection efforts, including harassing letters and phone calls.

It is worth noting that Chapter 7 bankruptcy has strict eligibility requirements that must be met to qualify. Anyone who is considering filing for bankruptcy should always be aware of their legal options by consulting with an attorney. Bankruptcy attorneys are familiar with the legal requirements and can offer sound legal advice so you can make a well-informed decision.

How Do You Qualify for Chapter 7 Bankruptcy Relief?

To qualify for Chapter 7 bankruptcy relief, you must satisfy the court’s means test, which calculates your income and expenses compared to the median income in Texas.

Eligibility and the Means Test for Qualifying Debtors

One of the first pieces of criteria that is examined in the Eligibility and Means Test is your income. To qualify, your income should equal or be less than that of the median income for the equivalent Texas household. However, if your income exceeds the median, you may still be eligible to file for Chapter 7 bankruptcy if you pass the “means test,” which assesses your income, expenses, and debts to determine if you possess the resources to repay a substantial portion of your debts.

If you are not eligible for Chapter 7 bankruptcy, Chapter 13 may be available. Kisch Law Firm has a Houston bankruptcy attorney who can help you determine whether you are eligible for Chapter 7 bankruptcy and if it is your best solution for dealing with your debts.

What Happens to My Assets if I File Chapter 7 Bankruptcy?

If you qualify and file for Chapter 7 bankruptcy, a bankruptcy trustee will be assigned to gather your non-exempt assets, if you have any, after which they will liquidate them and disburse the proceeds to the creditors you owe.

Texas allows individuals filing for Chapter 7 bankruptcy to keep exempt assets, which include

  • Unlimited equity in your homestead, including up to 10 acres in urban areas, 100 acres in rural areas, or 200 acres for a family living in a rural area
  • One vehicle per licensed driver in your household
  • 401(k)s and IRA accounts
  • Any tools or equipment necessary for your profession
  • Household goods such as furniture, clothing, appliances, and other personal belongings
  • Jewelry valued at up to $12,500 is exempt, and up to $25,000 for married couples filing jointly
  • Up to two firearms

Will Chapter 7 Bankruptcy Discharge All of My Debts?

Although filing Chapter 7 bankruptcy can discharge a significant portion of your debts, not all debts qualify. We can help you determine which of your assets are eligible for exemption and preserve these assets from bankruptcy liquidation. Upon conclusion of the bankruptcy proceedings, the court grants a discharge of your debts.

Certain debts, however, cannot be discharged through bankruptcy. These include back child support and alimony payments, student loans, recent back taxes, and court judgments based on personal injury claims, fraud, or any debts for fines or penalties. Our attorneys advise you about how much of your debt is dischargeable, so you can make an informed decision about whether to pursue Chapter 7 bankruptcy.

What Should I Do to Prepare for My Appointment?

So that we can immediately begin analyzing your case, it is advisable to have certain information with you for your appointment with Kisch Law Firm, including:

  • Your gross and net income
  • Types of debts you have
  • The amount of unsecured debt you have
  • Any lawsuits or judgments you are concerned about

Items that will be needed to prepare your case include all sources of income and amounts, a list of what you own, and estimates of the value of each item. A list of your monthly bills and details of each expense. Coming prepared to your appointment can help our law firm provide swift and efficient service to resolve your financial situation quickly.

Why is Your Houston Bankruptcy Law Firm the Best Choice to Help Me Have Financial Freedom?

Kisch Law Firm recognizes that the thought of having to declare bankruptcy because of medical bills and other debts can be overwhelming. Many of our clients worry they will have to deplete their retirement savings to protect their financial future. When you come to us for help, we will thoroughly analyze your financial challenges to determine if Chapter 7 bankruptcy is the right option for your unique situation.

Our Houston bankruptcy attorney and legal team will work tirelessly to help you have the financial fresh start you need to feel confident about the days ahead. Our goal is to ensure that you can live a stress-free life without creditors hounding you for payments.

For your convenience, we offer free consultations so we can determine what options are best for your situation. Call Kisch Law Firm at 844-417-6343 or contact us online to schedule your bankruptcy consultation.