What Is Chapter 7 Bankruptcy?

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In challenging economic times, many individuals and families are finding it difficult to make ends meet. Certain solutions, such as using credit cards to pay bills, only work for a limited time. Soon enough, medical bills, credit cards and other unsecured debts can become overwhelming, leaving people wondering where to turn. Fortunately, help is only a phone call away.

Houston attorney Liza A. Greene represents bankruptcy and debt relief clients in Chapter 7 bankruptcy proceedings. Liza Greene is Board-Certified in Consumer Bankruptcy Law by the Texas Board of Legal Specialization*. She understands the nuances of Chapter 7 bankruptcy and is fully prepared to guide you through each step from eligibility to the discharge of your debt.

How Does It Work?

Under Chapter 7, also referred to as asset liquidation, non-exempt personal assets are liquidated to pay creditors a portion of what you owe. However, most assets (home equity, vehicles, furnishings, retirement funds) are exempt under Texas statutes, so most people will not lose any personal property.

When you file for Chapter 7 bankruptcy, creditors must stop all collection actions and phone calls. Unsecured debt (credit cards, medical bills) is discharged (eliminated). Secured debt (mortgages, car loans) is not eliminated – you can either surrender those assets to the bankruptcy trustee or keep them if you are able to make the payments. Student loans, most taxes, and child support cannot be discharged through bankruptcy.

Please note that Chapter 7 bankruptcy typically takes between three to four months to complete. In addition, eligibility for Chapter 7 bankruptcy is determined by a means test, measuring earning potential against outstanding debt.

Contact A Knowledgeable Bankruptcy Attorney

If you feel consumer bankruptcy may be a viable option to relieve your financial situation, do not hesitate to contact attorney Liza A. Greene. You can call her at 713-574-7952 to set up your consultation. Liza Greene offers responsive, efficient and effective legal representation to clients throughout the greater Harris County area.

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

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