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Which Type of Bankruptcy Filing is Right For You?

If you are facing mounting debt problems that you cannot pay due to unforeseen circumstance such as a divorce, job loss or unexpected medical bills, you may need to consider bankruptcy protection to stop creditors from continuing to pursue you.  With the assistance of a Houston bankruptcy attorney, the Malaise Law Firm can help you in determining which type of bankruptcy filing is right for you. 

There are two types of filings that most individuals use for protection from their creditors.  One is the Chapter 7 filing, the other Chapter 13.  To determine which the right option for you is, we recommend you contact our office to make a free initial consultation that is completely confidential.  By reviewing your personal financial situation in detail, we will be able to help you make the right choice for your needs.

Briefly, a Chapter 7 filing works best for people who have few assets and do not have a steady source of income to cover their debts.  Assets can be liquidated to pay creditors in this type of bankruptcy filing.  Individuals filing must meet a "means test", to show whether they have the means to repay their debt or not and must qualify based on that and a certain income threshold. 

A Chapter 13 works for those who have a steady income and can make regular payments towards their debt.  Most assets, including your home, can be kept in this type of filing. A plan showing how the debt can be restructured so as to be paid within 3-5 years must be worked out, which could include discharging or negotiating some of the debt.

Deciding on Bankruptcy

When faced with the decision to file for bankruptcy in Houston, consult with the Malaise Law Firm for knowledgeable lawyers who have strong expertise in this area of law.  Our office will be able to advise you which option is best for your particular financial situation and your goals for your long term financial future.  With over 40 years of combined experience, we can provide you with the skill and caring dedication you deserve as you face this difficult time.

For assistance in what options may work for you, contact a Houston Bankruptcy Lawyer at our law offices.

Houston Office

720 N. Post Oak Rd
Suite 365
Houston, Texas 77024
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Phone: 800-BANKRUPT
Fax: 713-782-7451
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