Is Bankruptcy Right For Me?

Obtain Guidance from a Houston Bankruptcy Attorney

Deciding to file for bankruptcy is a major life decision, one that should not be taken lightly. Because there are two main types of bankruptcy, you will have several aspects to consider. Both chapters have different benefits and learning which one best suits your situation is the first step toward managing your bankruptcy. One of the best ways to do this is by seeking counsel from a Beaumont bankruptcy lawyer.

Employing the legal knowledge of someone who is highly proficient in the bankruptcy process can create a more seamless transition for this financial step in your life. Maida Law Firm, P.C. is dedicated to finding the best solution for any situation in which you may find yourself.

What is Chapter 7 bankruptcy?

Chapter 7 bankruptcy applies to those with a median income below the national average. You can file for this chapter of bankruptcy if you are able to pass a means test determining your margin of income. The overarching way to define Chapter 7 bankruptcy is liquidation. All of a debtor's assets are given to a trustee, who then liquidates those assets on behalf of creditors.

What can I keep if I file for Chapter 7 bankruptcy in Houston?

  • All equity in your homestead
  • Your retirement savings
  • Household belongings up to a certain value
  • A car up to a certain value

An experienced bankruptcy lawyer can help you determine which assets can be exempted from the liquidation process, ensuring your valuables are not completely lost in the bankruptcy process.

How is Chapter 13 bankruptcy different?

Chapter 13 bankruptcy can be used to reorganize the debt that you have, allowing you to pay it off over a three to five year period. Filing for this classification of bankruptcy is ideal for those with more monthly income. In addition, it can be an effective way to put a stop on foreclosure. Homeowners are given the opportunity to repay their arrearages – overdue amounts – owed on their mortgage throughout the span of their plan.

Along with paying off mortgage debts, those who file for Chapter 13 bankruptcy also have the opportunity to pay off other debt, such as car loans, credit card debit, and other consumer debts.

Can Maida Law Firm, P.C. help with my case?

The Houston bankruptcy lawyers at Maida Law Firm, P.C. understand how important it is to get control of your finances and feel comfortable with your future. With a clear understanding of debt and bankruptcy, they can come alongside you and provide knowledgeable counsel.

The firm could be the best choice for you, and here's why:

  • Over 90 years of experience
  • Unique bankruptcy counsel
  • Receive individual attention from your attorney
  • They are Board Certified in Consumer Bankruptcy

If you feel that filing for bankruptcy is the best way to gain control of your debt, call a Beaumont and Houston bankruptcy lawyer at the firm today to discuss your case.

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