Declaring bankruptcy under Chapter 7 is the most immediate and sweeping form of consumer debt relief available under the United States bankruptcy code. With Chapter 7, you could be able to enjoy the benefits of the bankruptcy discharge within only a few months of when you file your petition with the court. This type of bankruptcy is commonly referred to as liquidation bankruptcy due to the fact that each case is assigned a bankruptcy trustee whose job is to attempt to liquidate assets in the debtor’s estate with the goal of paying back creditors as much as possible. Don’t let this stop you from moving forward with your case – the vast majority of Chapter 7 bankruptcies are no-asset cases, meaning that there is very little chance that you would lose anything you own to liquidation.
There are many reasons why Chapter 7 is the most effective solution for many people. Understanding why this might be the most appropriate option is essential, so it is important to consult with a skilled Katy bankruptcy lawyer, such as us. Looking for an attorney for your Chapter 7 bankruptcy in Katy? We can analyze your specific case to determine if Chapter 7 is the best fit for your financial situation, and also to determine whether you qualify for relief under Chapter 7. Not everyone can meet the strict qualifications set forth in the bankruptcy code. In 2005, the federal government reformed the provisions of bankruptcy law by adding several new tests and hurdles to obtaining relief under Chapter 7. If your current monthly income is greater than the median income for a household of your size in the county in which you live, then you will have to pass a means test to prove that you should be eligible for this type of debt relief. Your current monthly income is calculated by looking at your last six calendar months of income. Although your income may be significantly higher than the median, you may still qualify for Chapter 7 relief, as there are many deductions and allowances available to offset your income on this means test. The means test is fairly complicated, so it is important to consult with an experienced bankruptcy attorney to determine your eligibility. Call the firm today at (281) 638-8693 for a free initial consultation.
Need a lawyer for your Chapter 7 bankruptcy in Katy, TX? An attorney from the Law Office of Corey L. Mills can help you navigate the entire process of declaring bankruptcy and can make an enormous difference in your chances of success. We are often able to help our clients pass the means test based on our knowledge and experience of the various allowances and deductions, as well as assisting our clients with protecting their assets. Our goal is to guide you and your case through the court system as effectively and efficiently as possible so that you can put an end to your problems with debt and make a fresh start financially.
Contact the Law Office of Corey L. Mills today for your free bankruptcy case evaluation to learn if Chapter 7 is right for you.