Law Office of Rick J. Deal, P.C.
Law Office of Rick J. Deal, P.C.
Chapter 7 Bankruptcy Lawyer in Conroe, Texas
Struggling with credit cards, medical bills, personal loans, or other overwhelming debt? As a Chapter 7 bankruptcy lawyer Conroe TX residents can turn to, I can help you determine whether Chapter 7 may allow you to eliminate qualifying debts and get the fresh start you need.
Filing Chapter 7 generally triggers the automatic stay, which stops most collection activity, including lawsuits, garnishments and creditor calls. A bankruptcy trustee reviews your finances and property, but many Chapter 7 cases involve no loss of property because assets are protected by applicable exemption laws.
What is Chapter 7 Bankruptcy
Chapter 7 bankruptcy is designed to give individuals and families overwhelmed by debt a financial fresh start. It can eliminate many unsecured debts, including credit cards, medical bills and personal loans. In many cases, Texas exemption laws allow you to protect your home, vehicles, retirement accounts and other property while eliminating qualifying debt.
Not sure whether you qualify for Chapter 7? I can review your income, debts, assets and circumstances and explain your options.
Chapter 7 Bankruptcy in Texas
Qualification depends on your income, household size, expenses, prior bankruptcy filings and other circumstances. The Chapter 7 means test is one part of determining eligibility, but having income above the Texas median does not automatically mean you cannot qualify.
Chapter 7 can eliminate many unsecured debts, including credit cards, medical bills, personal loans, collection accounts and certain judgments. Some debts, including most student loans, recent taxes, child support and alimony, generally cannot be discharged.
Can I Keep My Home, Car and Property in Chapter 7?
TEXAS BANKRUPTCY EXEMPTIONS
One of the biggest concerns people have about filing Chapter 7 is whether they will lose their home, vehicle or other property. In many cases, the answer is no.
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Texas law provides substantial protections for property in bankruptcy. Depending on your circumstances, exemptions may protect your homestead, vehicles, household furnishings, retirement accounts, certain insurance benefits and other personal property. Â
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Every case is different, and property should be carefully reviewed before a bankruptcy is filed. I will review your assets and available exemptions with you before filing so you understand what is protected and whether any property may be at risk.
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My goal is to help eliminate qualifying debt while protecting as much of your property as the law allows.
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CHAPTER 7 ELIGIBILITY
Do I Qualify for Chapter 7 Bankruptcy
Qualifying for Chapter 7 depends on more than simply how much money you earn. Your income, household size, expenses, prior bankruptcy filings and other financial circumstances may all affect your eligibility.
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One important part of the analysis is the Chapter 7 means test. The first step generally compares your household income to the median income for a Texas household of your size. Even if your income is above the median, you may still qualify after certain allowable expenses and other factors are considered. Being above the Texas median income does not automatically disqualify you from Chapter 7.
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I will review your income, debts, expenses and financial circumstances to determine whether Chapter 7 may be available to you. If Chapter 7 is not the right option, we can discuss whether Chapter 13 or another alternative may better accomplish your goals.
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Not sure whether you qualify? Let me review your situation and explain your options.
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Want a preliminary estimate? Use the Texas Chapter 7 Means Test Calculator to compare your income with the current Texas median-income level.
CHAPTER 7 PROCESS
What Happens After I File Chapter 7?
Chapter 7 is generally a straightforward process, but there are several important steps between deciding to file and receiving your discharge. I will guide you through each stage and make sure you know what to expect.
01 --Â Prepare and File Your Case
We review your financial information, income, debts, assets and documents before preparing your bankruptcy petition and schedules. Once everything has been reviewed and signed, your case is filed with the Bankruptcy Court.
02 --Â The Automatic Stay Begins
Filing bankruptcy generally triggers the automatic stay, which stops most collection activity. This can stop creditor calls, lawsuits, garnishments and many other collection efforts while your bankruptcy case is pending.
03 --Â Attend Your Meeting of Creditors
You will attend a brief meeting with the Chapter 7 trustee, commonly called the 341 meeting or Meeting of Creditors. I will prepare you beforehand and attend the meeting with you.
04 -- Receive Your Bankruptcy Discharge
In a typical Chapter 7 case, eligible debts are discharged after the required waiting period and completion of the necessary requirements. The discharge generally prevents creditors from attempting to collect debts that were discharged.
Ready to find out what Chapter 7 could look like for you? I can walk you through the process and answer your questions.
Every case is different. I can review your debts and explain which obligations are likely to be eliminated and which may remain after bankruptcy.
CHAPTER 7 DEBT RELIEF
What Debts Can Chapter 7 Eliminate?
Chapter 7 can eliminate many types of unsecured debt, but not every debt is dischargeable. Whether a particular debt can be eliminated depends on the type of debt and the circumstances surrounding it.
Debts Chapter 7 Generally Does Not Eliminate
— Child support and alimony
— Most student loans
— Many recent tax debts
— Certain debts arising from fraud or intentional misconduct
— Certain fines and penalties
— Other debts made nondischargeable by bankruptcy law
Debts Chapter 7 Can Often Eliminate
✓ Credit card debt
✓ Medical bills
✓ Personal loans
✓ Collection accounts
✓ Deficiency balances after repossession
✓ Many lawsuit judgments
✓ Certain older income tax debts that meet specific requirements
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How Long Does Chapter 7 Take?
Most Chapter 7 cases take approximately three to three and a half months from the date the case is filed until the discharge is entered. During that time, you will attend a brief meeting with the Chapter 7 trustee and complete the remaining requirements for your discharge.
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More complicated cases can take longer, but most routine Chapter 7 cases follow this general timeline.
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What's Included?
Attorney's Fees — Preparation and filing of your Chapter 7 petition and schedules, legal advice throughout your case, representation at your creditor meeting, and representation through the standard Chapter 7 process.
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Court Filing Fee — $338
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Credit Reports — $27 per person
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Required Courses — Approximately $50 total for the required pre-filing credit counseling and post-filing financial management courses.
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Total Cost for a Standard Chapter 7 Case
$2,930 Individual | $2,960 Married Couple
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The total cost includes my attorney's fees, the $338 Bankruptcy Court filing fee, required credit reports, and both required bankruptcy education courses. There are no separate charges for these standard case expenses. Rare matters requiring legal services outside the standard Chapter 7 representation may require additional attorney's fees, as explained in the Representation Agreement.
How Much Does Chapter 7 Cost?
CHAPTER 7 COST & TIMELINE
I believe you should know what your Chapter 7 bankruptcy will cost before you decide to file. The prices below include my attorney's fees and the standard costs required to complete and file your case, so you have a clear understanding of the total cost from the beginning.