Alvin Chapter 7 Bankruptcy Attorneys

It can be overwhelming to try to grasp the differences and distinctions between the various chapters of the Bankruptcy Code, especially when weighing each under the pressures and financial strains that have brought you to the point of considering bankruptcy. Alvin Chapter 7 bankruptcy attorneys of Gipson, Norman & Root are here to help you make the right decision.

A Chapter 7 bankruptcy may be an effective way for an individual or family that does not have significant business interests or assets to discharge (eliminate) substantial amounts of their outstanding debts. The reason that this option does not typically make sense for those with high-value assets is that the functional role of a Chapter 7 filing is to sell the debtor’s property, distributing the proceeds of those sales to the creditors listed in the court documents.

However, state law allows for the debtor (or debtors, if spouses are filing together) to specify property that they wish to be “exempt” from this liquidation, and some property is mandated exempt. There is a statutory limit on the cumulative value of debtor-selected items, which in Texas is set at $60,000 for families and $30,000 for a single individual.

If you would like to learn more about Chapter 7 and other bankruptcy options, contact the Alvin Chapter 7 bankruptcy attorneys of Gipson, Norman & Root at 800-291-0898.

Non-Dischargeable Debts

One thing that catches many clients by surprise is that, despite the common misconception that all debts can be discharged by bankruptcy, there are a number of categories of debt that are not dischargeable. Some of these are:

• Taxes
• Student Loans
• Child Support
• Alimony

Contact Us

There are no easy answers when it comes to bankruptcy, so contact the Alvin Chapter 7 bankruptcy lawyers of Gipson, Norman & Root at 800-291-0898 to gain the insight of two decades worth of experience.