Posts Tagged ‘Houston bankruptcy attorney’

The Role Of A Houston Bankruptcy Attorney In Chapter 7 Bankruptcy

If you are living in Houston and are filing your bankruptcy petition under chapter 7, you will need the help and assistance of an experienced Houston bankruptcy attorney. The Texas laws apply in these types of cases, as per which, the majority of your assets will be liquidated under the supervision of a bankruptcy trustee appointed by the court while the money thus received from the sale of the assets will be used to settle your debts on a priority basis as specified by the court. Finally, you will end up having your financial slate clean of debts. However, you must keep in mind a couple of things in this regard. For example, as per Texas laws of bankruptcy, you are provided some property exemptions up to a certain limit. Besides that, there are some specific types of debts that are not discharged even the court declares you as bankrupt. Some common examples of non-dischargeable debts include tax dues, student loans, alimony or child support liabilities, and other such things. Therefore, a proper planning and homework is crucial when it comes to filing petition for bankruptcy under chapter 7 of the US bankruptcy court. This is where an expert legal representation from a local, experienced lawyer can prove to be very helpful.

Review Your Situation

When you hire a Houston bankruptcy attorney to handle your case, they will first review your debt and financial situation thoroughly. A reputable lawyer will first suggest you some better alternatives so that bankruptcy can be avoided. A lawyer who straightaway files your petition does not make a right fit for you. If you are going through extreme financial hardship and none of the alternatives seem to work in your case, the lawyer will try to work out the right type of bankruptcy you should file for. They will educate you about the pros and cons of filing your petition under different chapters, such as chapter 7 and chapter 13. They will move ahead with your case only if they are sure that chapter 7 bankruptcy is a suitable option for you.

Doing Basic Homework To Ensure You Successfully Qualify

A Houston bankruptcy attorney will then educate you on the eligibility criteria that you must fulfill in order to qualify for chapter 7 bankruptcy. As per the laws, you must pass a means test, and then, must get a certificate from a court-approved credit counselor. In the means test, your regular monthly income (after deducting the regular monthly expenses) must be lower than the median income of the state. Likewise, the credit counselor must also recommend that chapter 7 bankruptcy is the right fit for you. The lawyer will try to prepare your case in such a way that you should meet both these basic qualifying criteria.

Property Exemptions

A Houston bankruptcy attorney will also educate you on the harsh fact that you will be losing most of your assets and properties once you get declared as bankrupt under chapter 7. But, at the same time, they will also show you the ways on how to save certain assets and properties, such as your home and car. They will help you to make the best use of the property exemptions as allowed by the laws.

Debt Discharge

Likewise, your Houston bankruptcy attorney will also let you know about the specific types of debts that are not going to be discharged in normal circumstances even if bankruptcy is awarded to you under chapter 7 of the US Bankruptcy Code. But, at the same time, they will also let you know that there can be some exceptions and whether and how you can qualify for the same.

Overall, as you can see, when it comes to filing bankruptcy petition under chapter the role and importance of an experienced Houston bankruptcy attorney just cannot be underestimated.


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