David A. Himes

You Don’t ‘Lose It All’ In Chapter 7 Bankruptcy

Debt problems happen for different reasons. For some, it comes on gradually, as a series of unfortunate occurrences become too much to shoulder. For others, a single incident, such as a major health setback or the loss of a job, can be the linchpin that lets loose a horrible result.

Under Chapter 7 of the Bankruptcy Code, debtors are able to erase credit card balances, medical bills and other unsecured debt. The Chapter 7 bankruptcy process is what most people conceive of when they contemplate filing bankruptcy.

However, there are aspects of Chapter 7 that many people are not aware of. In fact, they postpone exploring bankruptcy as a solution because they see it only as something negative, and they don’t envision it as the solution it is.

At David A. Himes & Associates, PLLC, we help our clients understand how bankruptcy can be the first step to a much more rewarding and stress-free life.

One immediate benefit of filing bankruptcy is that it stops foreclosure on your house and prevents creditors from attempting to collect debts through lawsuits or harassment. That alone can relieve much of the stress that becomes part of daily life for people with unmanageable debt.

Understanding What Exemptions Can Accomplish

Chapter 7 bankruptcy allows for exemptions, which are possessions you may keep even as your debt is discharged. This may include your house, your car, your computer, clothes and other personal items. If you are in a trade, it can include your valuable tools or other equipment that you need to perform your job.

The good news is that Texas exemptions are among the most generous in the country. For example, the Texas homestead exemption allows debtors to protect an unlimited amount of equity they have in their home provided the property does not exceed 10 acres in a city or town or 100 acres in a more rural setting. Homeowners also must have lived in their home for a minimum of 40 months.

We Help Stop Foreclosure And Repossession

Those who attempt to navigate bankruptcy without legal guidance or who enlist an inexperienced bankruptcy lawyer risk losing more than they need to. It is possible to stop foreclosure completely in Chapter 7 bankruptcy and hold on to other important assets.

Vehicle repossession is a difficult challenge that many of those wrestling with debt face. On one hand, a creditor is legally allowed to repossess your vehicle. In addition, they’re allowed to come onto your property to do so. If you have already paid off a good percentage of the balance on your vehicle loan, the creditor cannot resell it without compensating you.

Protecting Your Rights And Resetting Your Financial Life

It is important to hire a bankruptcy lawyer who can help you determine what strategy is best for you and then assist in navigating that process. Call 936-310-2990 or use our online contact form to provide us more information about your situation and schedule a free phone consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.