Houston Chapter 7 Bankruptcy Lawyer

Chapter 7 Bankruptcy

How Do You Know Whether Filing Chapter 7 Is The Best Debt Solution For You?

When you’re unable to deal with accumulating debt, it feels as though the stress and financial strain are relentless. Harassment by creditors, the threat of wage garnishment or asset seizure can leave you feeling hopeless, embarrassed, and stigmatized.

Perhaps you have considered filing for Chapter 7 bankruptcy, but the idea has raised serious doubts. If you file, what do you stand to lose? What will happen to your credit? Can Chapter 7 bankruptcy restore your financial stability?

Chapter 7, or “liquidation” bankruptcy, is a process in which Houston residents — and in some cases businesses — can have certain debts discharged or resolved through liquidation of nonexempt assets. You may have heard that the process can involve liquidation of your “nonexempt” assets. In Texas, however, the definition of “nonexempt” is uniquely and helpfully narrow compared to other states. Understanding these nuances is crucial to your Chapter 7 case.

Navigating the intricacies of the Bankruptcy Code, Texas’s bankruptcy laws, and the Chapter 7 bankruptcy process is likely to feel challenging. The good news is: you don’t have to face bankruptcy alone. Your best course of action is to enlist the guidance of an experienced Chapter 7 bankruptcy attorney.

Jack N. Fuerst, Attorney At Law: Reliable And Trusted Bankruptcy Counsel

For more than four decades, Jack Fuerst has provided Houston residents and businesses with clarity regarding bankruptcy issues and practical solutions to resolving their debt.

He can help you decide whether Chapter 7 bankruptcy is the best solution for you and guide you through the entire process by:

Performing the federal and state means test to see if you qualify
Determining which debts can be discharged
Identifying which assets are exempt and which are at risk of liquidation
Preparing and filing the necessary forms along with the required supporting documentation
Immediately halting creditor harassment, once creditors are notified of the filing
Representing you at the meeting of creditors
Helping you manage nondischargeable debts following completion of the bankruptcy process
Providing you with advice and tools to rebuild credit and re-establish financial responsibility

What Is Exempt Under The Chapter 7 Exemption Law In Texas?

Exemptions are assets you are allowed to keep and protect from liquidation by the trustee during Chapter 7 bankruptcy. Texas has particularly generous Chapter 7 exemptions compared to those of most other states and the federal government.

Texas law provides for the following exemptions:

Homestead exemption. Texas allows an unlimited dollar value exemption on your primary residence, subject to acreage limits and further limitations if you recently moved to Texas.
Personal property exemptions. Texas permits a $50,000 exemption on the total combined value of personal property for a single adult and $100,000 for a married couple.
Retirement accounts and insurance benefits. In most instances, employer-sponsored retirement accounts, IRAs and government and teacher pensions are exempt, as are life, health and accident insurance benefits.

Other miscellaneous exemptions include current wages, health aids and burial plots. These are not counted toward the personal property exemption.

While Texas offers highly advantageous exemptions, there are specific limitations and scenarios where you would be better off taking federal Chapter 7 exemptions instead. These legal nuances are best addressed by consulting with a skilled bankruptcy attorney.

Jack Fuerst Can Help You Make Sense of Bankruptcy

Choosing to proceed with Chapter 7 bankruptcy is a significant, life-changing decision. While you consider your options, you’ll benefit from Jack Fuerst’s years of experience helping hardworking clients like you, as well as his familiarity with bankruptcy law and procedures.

If you’re ready to take control of your financial future, let Jack Fuerst assess your financial situation, determine whether Chapter 7 can help you, and answer your questions.

Call Today To See If Chapter 7 Bankruptcy Is Right For You

Your first step toward financial solvency is just a phone call away. Get your questions answered and explore your legal options. Call (713) 325-0021 to schedule an initial consultation at our Houston office.