Galveston County Chapter 7 Bankruptcy Lawyer

Regain Control of Your Finances in Friendswood, Houston & Pearland

It can take just one medical emergency or other unforeseen catastrophe or financial misstep to derail your financial life. The resulting debt can become overwhelming, and the cycle of payments and interest fees can be hard to break. Though filing for bankruptcy may not be your first choice, it may be the best choice. Chapter 7 bankruptcy was designed to help people continue living productive lives without the threat of debt collectors or repossession.

At John E. Smith & Associates, our Galveston County bankruptcy attorney has over 35 years of experience helping clients handle their financial situation and file for Chapter 7, Chapter 11, Chapter 12, and Chapter 13 bankruptcy.

What is Chapter 7 Bankruptcy?

In a Chapter 7 bankruptcy, a filer’s unsecured debts are generally discharged, with a few exceptions, and qualified personal property is sold to cover some of the debts owed.

In a successful Chapter 7, unsecured debts may be discharged. These include:

• Medical bills
• Credit card debt
• Late rent payments
• Personal loans
• Utility bills

This chapter of bankruptcy works best for individuals whose current income will not make a reasonable impact on paying down their debts while still being able to maintain basic living costs. A means test can determine if you qualify.

Bankruptcy Exemptions in Texas

The debt discharge in Chapter 7 is generally achieved through the liquidation of assets. This can lead to many debtors worried about losing their property in a bankruptcy filing. However, the state of Texas offers extensive bankruptcy exemptions, ensuring your important property and assets are protected in bankruptcy.

Some Texas bankruptcy exemptions include:

• Homestead - Unlimited for qualifying residences, with different qualifications for homesteads in the country vs cities
• Motor Vehicle - Can exempt the total value of any one motor vehicle per household member with a license
• Personal Property - Can exempt up to $50,000 total in personal property for single adults, or $100,000 for a family

Other exemptions exist for child support, alimony, health aids, and more.

Experienced Assistance with Chapter 7

At John E. Smith & Associates, Attorney John Smith is recognized as a Board Certified Specialist in Consumer Bankruptcy Law by Texas Board of Legal Specialization. He has the proven knowledge and over 35 years of professional experience in this often complicated field of law.

Our firm works tirelessly to ensure that our clients have the opportunity to get out from under their debt to get a fresh start. With something as important as bankruptcy, a strong advocate is invaluable. Our experience in this area means that we can help you to achieve financial freedom.