Houston Bankruptcy Law
Swindell & Associates, P.C. possesses years of experience helping our clients navigate the occasionally murky waters of Houston bankruptcy laws. If you face financial difficulties and think bankruptcy might be the best choice for you or your small business, contact us today so we can begin putting our legal knowledge and practical experience to work for you.
Bankruptcy laws in Houston
At Swindell & Associates, P.C., we focus our practice on helping clients file for protection from debts and other financial obligations using the two most common methods of bankruptcy law in Houston.
Chapter 7 bankruptcy
Chapter 7 bankruptcy in Houston is the most serious and comprehensive type of bankruptcy commonly filed by individuals and business. Any liquid assets you own, such as checking and savings accounts or other assets easily converted to cash, are liquidated and distributed to your creditors as partial repayment of your debts. Some assets such as residences or automobiles may be declared exempt from this process. After your non-exempt liquid assets are distributed, any remaining debt is discharged. However, once all is said and done, you are no longer responsible for any discharged debt, and neither creditors nor debt collectors can attempt to collect from you.
Chapter 13 bankruptcy
Chapter 13 bankruptcy in Houston is often used by wage earners and small businesses, and is less severe than Chapter 7. Chapter 13 delays and reduces the amount of your payments to creditors over a period of time. You create and file an individual reorganization, to which your creditors agree, outlining how you will repay and over what period of time. If all you need is a plan to pay off your debts, Chapter 13 is often best, especially if you hope to reestablish credit.
Which Houston bankruptcy law solution is right for you?
You may have some idea of the bankruptcy option that is right for you, but the truth is that only a qualified Houston bankruptcy attorney can help you make that decision.
