Chapter 7 Bankruptcy

The Clear Lake and Galveston bankruptcy lawyers of Gipson and Norman understand that bankruptcy is often your only chance to overcome debt. Chapter 7 bankruptcy, also known as liquation or straight bankruptcy, will effectively rid you of your dischargeable debt and may require you to liquidate your non-exempt assets in order to satisfy your creditors. Chapter 7 bankruptcy will free you from relentless phone calls from creditors and collection agencies, and relieve you from most of your unsecured debt. Although you may be required to liquidate your assets to satisfy your creditors, this does not mean that you lose all of your property. There are exemptions at the state and federal level that allow you to protect some property from being sold to pay off creditors. An experienced attorney will be able to explain your legal options and guide you through the complicated legal process.

In October 2005, a new set of eligibility requirements was issued for anyone considering bankruptcy. These requirements were put into place to deter people from abusing the chapter 7 bankruptcy system. A statement of current monthly income and a means test calculation must be made in order for you to be eligible to file chapter 7 bankruptcy. These requirements vary depending on what state you live in so it is important to consult an attorney if you are considering bankruptcy. A skilled lawyer will be able to evaluate your situation and help you decide whether or not bankruptcy is right for your financial situation. Please visit our downloads page for detailed information about Chapter 7.

The law office of Gipson and Norman are dedicated to serving clients in the Clear Lake and Galveston areas who face serious financial hardships. With over 57 years of shared experience, the Clear Lake and Galveston bankruptcy lawyers of Gipson and Norman are committed to providing the superior legal services provided needed to protect our clients’ rights during complicated bankruptcy proceedings. For more information about the services we provide and to schedule your free initial consultation, contact the board certified bankruptcy attorneys in Clear Lake at 281-332-4800 or Galveston at 409-765-6000 or toll free at 1-800-291-0898.