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West Houston Bankruptcy Lawyers

Bankruptcy Basics

Bankruptcy is a legal right that creditors have under federal law. Under the protection of the bankruptcy court, an individual or business entity may discharge all of their debt or may reorganize their debt and pay it over time. Through bankruptcy, a creditor may effectively get a fresh financial start and therefore a second chance.

Filing for bankruptcy can effectively stop foreclosure proceedings and will stop creditor abuse and harassment. Once a debtor files for bankruptcy, all creditors must stop any and all collections proceedings, including any lawsuits. Handled properly, bankruptcy can mean that a debtor can effectively discharge some or all of his or her debt – depending upon the particular circumstances.

Chapter 7 vs. Chapter 13

The two main types of bankruptcy are Chapter 7 and Chapter 13. Which type is right for you will vary depending upon your particular situation and goals. A West Houston bankruptcy lawyer can help you evaluate your options in order to determine whether to file under Chapter 7 or 13.

Chapter 7, liquidation, is an option that allows an individual to discharge all eligible debt by surrendering non-exempt assets to the bankruptcy court for liquidation. The proceeds of those assets will go toward paying creditors. Once Chapter 7 bankruptcy proceedings are complete, all of the individual’s debt will be discharged.

Chapter 13, reorganization, is an option that allows an individual who is making a steady income but is facing overwhelming debt to reorganize his or her debt and pay a portion or all of it off over time. After making payments for a period of three to five years, the individuals’ remaining debt will be discharged.

A Bankruptcy Attorney Can Help

Bankruptcy is a complex legal process. If handled incorrectly, you may face criminal charges of bankruptcy fraud or may have your petition disapproved and will therefore be ineligible to file again for an extended period of time. A West Houston bankruptcy attorney can help ensure that your bankruptcy case is handled correctly, in addition to helping to ensure that this is really the right option for you.

Contact a West Houston bankruptcy lawyer from our firm. We proudly accept clients all across the Houston metropolitan area, including Houston, Richmond, Brookshire, Cypress, Hockley, Katy, Pattison, Sealy, Waller, Wallis, Fulshear and more.