Chapter 7 Bankruptcy

When your money problems become too big of a burden to handle, you may turn to bankruptcy to get your finances back on track. Most individuals have two options for bankruptcy: Chapter 7 and Chapter 13. Figuring out which one is right for you is an important first step in your financial recovery.

If you or someone you love is currently facing the prospect of bankruptcy, discuss your options with the Galveston bankruptcy lawyers of Gipson, Norman & Root. Contact our office today at 281-332-4800 to speak with one of our experienced bankruptcy attorneys.

What Is Chapter 7?

Chapter 7 bankruptcy often requires an individual to liquidate his or her assets as long as they are not exempt from liquidation. The liquidation process is usually carried out by a court-appointed bankruptcy trustee, who will use the money from the liquidation sale to pay your unsecured debts.

Not all of your property is subjected to liquidation; this property is known as exempt property, and you are allowed to keep it throughout your bankruptcy period. Exempt property is often defined as your home and automobile, as well as any gifts you have received.

Before jumping into the bankruptcy process, speak with an experienced bankruptcy attorney so that you can learn more about the process.

Contact Us

It is important to learn about the bankruptcy chapters before you declare. If you or your loved one is considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to learn more about which bankruptcy chapter best fits your needs.