Houston Bankruptcy Lawyers

Debt Liquidation and Discharge - Chapter 7 Bankruptcy

Filing for bankruptcy under Chapter 7 allows individuals and businesses in financial distress to discharge certain debts and liquidate assets, including debts related to home foreclosure, to pay off others. At the law office of Adair & Myers, PLLC, our Texas bankruptcy law firm assists individuals and businesses in taking advantage of bankruptcy protection benefits as they pursue a good-faith effort to resolve their financial troubles.

Although Chapter 7 may not be the best option for people with the income to repay debt under better terms or any company that wishes to remain in business, contact our Texas bankruptcy law firm to discuss the ideal approach that fits your personal and financial needs.

The Bankruptcy "Means Test"

Recent changes in bankruptcy law have left many people believing that qualifying for Chapter 7 bankruptcy is virtually impossible. Not true. The issue of qualifying for bankruptcy has not changed, only the process to determine which type of bankruptcy a debtor is eligible for and certain other required actions have changed.

Any individual, partnership, corporation or other business entity can file for bankruptcy by passing a "means test," where the court looks at a debtor's average income six months prior to filing and compares it to a median income established for the debtor's state. If your average income is below the median amount, you may file under Chapter 7. If your average income meets or exceeds the median, you generally must file for Chapter 13 Bankruptcy.

Call Us for Bankruptcy Help Today: 713-568-1397

The means test and Chapter 7 process can become quite complicated. Our knowledgeable bankruptcy lawyers will explain and guide you through the entire process, answer your questions and keep you informed on the progress of your case. We pride ourselves on standing by your side throughout your entire case.

For sophisticated legal advice and assistance, contact the Houston Chapter 7 bankruptcy attorneys at Adair & Myers.