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Bankruptcy Lawyer in Houston – Do You Need One?


If you’re living in the Houston area and trying to decide if filing for bankruptcy is the correct choice for you, your family, or business, there are a few things to consider before meeting with a bankruptcy lawyer in Houston.

Is Filing for Bankruptcy Right for You?

There is no one particular way to tell if a person or company should file for bankruptcy. Although all consumers considering bankruptcy find themselves in difficult financial situations, some would be best off not filing.

A few helpful ways to see if bankruptcy is the best option include: if you are unable to see yourself out of debt within the next five years, are receiving foreclosure notices regarding loans and mortgages, or have had a substantial financial setback. Still, there is no substitute for the advice and judgment of a qualified bankruptcy lawyer in Houston to help you review your options. Because there are many factors to consider when deciding if filing bankruptcy is for you or your business, it’s a choice best met with professional help.

Texas Bankruptcy Law

Even though it’s best to seek advice from an attorney, it’s helpful to understand a few details about how the Texas bankruptcy system works. There are two types of bankruptcy under which Texans can file, Chapter 7 or Chapter 13. The 2005 Bankruptcy Act Means Test is applied to determine which is best suited for the consumer; income, living expenses, recent luxury purchases, etc are considered and calculated. Chapter 7, known as “liquidation,” is filed if the consumer cannot pay at least $6,000 after deducting living expenses, or $100 per month, over the following five years. In other words, if your income is below the state’s median income, you qualify for a Chapter 7. If a consumer is not eligible for Chapter 7, then they must file for a Chapter 13. Under Chapter 13, the consumer must be able to pay at least $166.67 per month, or $10,000, over the following five years.

Bankruptcy Help in Houston

There are plenty of financial reasons why a person or business chooses to file for bankruptcy. Common examples include divorce and illness, which often cause a large financial setback that requires a reassessment of a family’s finances.

Such financial hardships can weave a tangled, confusing web. It is important to find the right persons to help you navigate through it. For those seeking legal services from a qualified bankruptcy lawyer in Houston, call Busby & Associates at (713) 974-1151 or visit www.busby-lee.com

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