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Bankruptcy Attorney, Houston

Bankruptcy Attorney Houston: Expert Representation for Creditors

Bankruptcy Attorney Houston

Experienced Bankruptcy Attorney in Houston

With more than 25 years of experience representing debtors and over 4,000 bankruptcy filings under Chapters 7 and 13, I now dedicate my practice to representing creditors and handling family law matters. My extensive background enables me to provide knowledgeable and effective assistance in collecting judgments and navigating complex financial legal matters.


What Type of Bankruptcy Do You Qualify For?

In Texas, the type of bankruptcy you qualify for depends on your income, debt, and financial situation. Here’s an overview:

Chapter 7 Bankruptcy

  • Allows for the elimination of most unsecured debts within months.
  • Requires the debtor to give up non-exempt property, though many retain essential items due to Texas exemptions.
  • Commonly used by those with little to no equity in non-exempt property.

Chapter 13 Bankruptcy

  • Designed for individuals who need to restructure and repay debts over 3 to 5 years.
  • Ideal for those behind on secured debts like mortgages who wish to retain their property.
  • Provides a court-approved payment plan managed by a trustee.

Texas Median Income Standards

To qualify for Chapter 7, your income must fall below the median for your household size, as determined by the “means test.” If it exceeds the median, Chapter 13 may be your only option.

Household Size Monthly Income Annual Income
1 $3,366 $40,389
2 $4,564 $54,762
3 $4,940 $59,276
4 $5,494 $65,932

Chapter 13 Bankruptcy in Houston

Chapter 13 is a form of debt reorganization where you repay your creditors through a court-approved plan. This option helps prevent foreclosure, repossessions, and other creditor actions.

Key Benefits of Chapter 13:

  • Catch Up on Secured Debts: Pay past-due amounts on mortgages or car loans over time.
  • Lower Interest Rates: The court may reduce the interest rates on certain debts.
  • Debt Consolidation: All debts are managed through a single plan, reducing the stress of multiple payments.

Important Details:

  • Payments are made to a trustee, who disburses funds to creditors.
  • Failure to meet payment obligations can lead to case dismissal or conversion to Chapter 7.

How to File for Chapter 7 Bankruptcy

Chapter 7 involves several steps, including:

  1. Gather Financial Documents: Include income statements, debt records, and property details.
  2. Complete a Credit Counseling Session: Required within 180 days before filing.
  3. Prepare and Submit Forms: These forms include detailed schedules of assets, debts, and income.
  4. Attend the 341 Meeting: Creditors may question you about your financial status.

Mistakes in filing can result in delays or denials, so hiring an experienced bankruptcy attorney is highly recommended.


341 Meeting of Creditors

This mandatory meeting allows creditors to ask questions about your financial affairs. While many creditors do not attend, those with secured or disputed claims may use this opportunity to challenge aspects of your case. Preparation is crucial to avoid surprises during the meeting.


Post-Bankruptcy Considerations

After completing your bankruptcy case:

  • Credit Report Updates: Ensure that discharged debts are reflected accurately on your credit report.
  • Financial Planning: Work with a professional to establish a budget and rebuild your financial health.

Serving Houston and Beyond

I provide legal services for bankruptcy and creditor-related matters in Houston and surrounding areas, including:

  • Cities: Katy, Sugar Land, Pearland, Friendswood, Clear Lake, Galveston, The Woodlands, Spring, Tomball, Baytown, and Channelview.
  • Counties: Brazoria, Chambers, Galveston, Matagorda, Austin, Brazos, Colorado, Fayette, Fort Bend, Grimes, Harris, Madison, Montgomery, San Jacinto, Walker, Waller, and Wharton.

 

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Michael Busby is a Houston divorce lawyer who has been in practice for over 20 years and appears daily in the Family Law Courts of Harris County and Fort Bend County Texas

Busby & Associates , have two Houston Offices, one in Chinatown, Houston Texas and another in Independent Heights, Houston, Texas. Michael Busby is Board Certified in Family law by the Texas Board of Legal Specialization.