Chapter 7 Bankruptcy

Helping Clients Overcome Their Most Difficult Financial Challenges

There are times when things happen beyond your control, which can have a significant impact on your financial situation. You may lose a job, or incur unavoidable expenses, or any number of other things. If you have found yourself in a situation where you are not able to meet your financial obligations, it is important to look at all your options. For many people, Chapter 7 bankruptcy can provide you relief from your debts by liquidating some of your non-exempt assets.

The “Means Test” and Qualifying for Chapter 7 Bankruptcy

Not everyone is able to qualify for a Chapter 7 bankruptcy. In order to be able to use this option, your family income has to be below the median income in Texas, or you must satisfy the court’s means test. (You can get exact details on the means test from the Department of Justice by clicking HERE). This calculates your income and expenses, and compares it to the median income in Texas, along with the expense guidelines that have been adopted by the Bankruptcy Court. If you are not able to meet the means test, Chapter 7 bankruptcy is not going to be possible. In these cases, Chapter 13 is typically the next best thing.

Having Debts Discharged

In most Chapter 7 Bankruptcy cases, the goal is to have as much of your debt discharged as possible, while having to give up as few of your assets as can be managed. The attorneys at Fraser, Wilson & Bryan, P.C. have more than five decades of combined experience, and will put that to work on your case. We’ll negotiate with creditors, and work with the courts, to help get you the best possible discharge so you can emerge from the bankruptcy in as strong of a financial position as possible.

Preparing for Your Appointment

If you believe that a Chapter 7 Bankruptcy may be a good option for you, please don’t hesitate to contact us to go over your options. We’ll schedule an appointment for you to come in and discuss your situation. When you come in, make sure you bring the following items with you:

  • Your gross income for the past six months
  • Any other sources of income for the past six months

BANKRUPTCY RESOURCE FOR OUR CLIENTS: One other thing to be aware of is that those who go through bankruptcy must take two courses (one before filing, and one after). We recommend Both Courses (Use our attorney code KW6572N) as an easy way to get these done.

Thank you for considering Fraser, Wilson & Bryan, P.C. We look forward to helping you soon.