FAQ

This depends. The federal “means test” was designed and put into action by the United States Congress in order to limit Chapter 7 or “liquidation” bankruptcy to those who are truly unable to repay what they owe. Schedule a consultation with Payne & Associates to learn more about the means test and whether or not you qualify for Chapter 7 bankruptcy.

Our firm can help you understand which assets are exempt in the bankruptcy process. A good Houston bankruptcy attorney can help you protect your property and assets; they may even be able to keep your estate entirely intact.

No. Once you have gone through the bankruptcy process and your debt has been discharged, it is unlawful for your creditor to report an outstanding balance on the debt. You can take action to stop this from happening.

Chapter 13 is also called reorganization bankruptcy, as it allows the individual filing to restructure his or her debt, repaying it in a manageable segment over a longer period of time — typically between three and five years. If you do not qualify for Chapter 7 bankruptcy, you may still qualify to file under Chapter 13. Speak with an attorney about the right course of action for you.

No; in most cases, bankruptcy will only stay on your credit report for 10 years.