Chapter 7 Bankruptcy near me in Houston, Texas
Bankruptcy should always be the last option for you when there is no hope left of repaying the debt to the debtors. Filing bankruptcy will give you relief from debtors harassment, call and letters. Filing bankruptcy has two options Chapter 7 and Chapter 13.
Chapter 7 bankruptcy requires liquidation of non-exempt properties such as expensive items, second home, vehicles, jewelries and other items which have monetary values but do not need to operate your day-to-day life. For example, a car that belongs to a Uber driver is exempt from liquidation because it helps the filer to earn an income.
If you are planning to file Chapter 7 in Houston then consider a very experienced, affordable and trustworthy lawyer Mr O. Miller White. Bankruptcy is a complicated topic but you can consult with him for free.
Who Qualifies to file Chapter 7 Bankruptcy?
If you earn less than the median income for a household in your state then you qualify to file Chapter 7 bankruptcy. If you earn more than the median income then you must pass the Means Test to qualify to file Chapter 7 bankruptcy.
In order to pass the Means Test, you must prove that after subtracting required expenses from your monthly income, you have an insufficient amount to repay the debts. Your bankruptcy lawyer can help you on the Means Test. If you don’t qualify to file Chapter 7 then you can consider filing Chapter 13.
What to expect from Chapter 7 Bankruptcy?
After filing your petition within a month you will stop receiving calls to collect the debts. In a very short period of time it improves your life.You can keep some of your properties under exempt property. With a higher interest rate you will get new credits within 3 years. It will affect your credit score and for 10 years will remain on your credit report.
Knowing when to file Chapter 7 or Chapter 13 bankruptcy is not always easy. If you are drowning under huge debt and finding it difficult to repay it then you should contact thehustonbankruptcylawyer.com one of the best Bankruptcy Law Firms Houston.
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