Get a Clean Slate with Chapter 7 Bankruptcy
Chapter 7 bankruptcy offers debtors a clean slate by liquidating certain assets and discharging their unsecured debts. One of the most common misconceptions about bankruptcy is that it is shameful or irresponsible. On the contrary, it is a way to wipe away past debts and, through hard work and prudent financial management, start fresh.
At Pendergraft & Simon, L.L.P., we represent business entities and individuals throughout the Houston area who face Chapter 7 bankruptcy. As a boutique law firm, we can provide the personal attention that many large firms cannot.
Chapter 7 for Small Businesses: What to Know
Filing bankruptcy is often a wise strategy for saving a struggling business. Chapter 7 allows the business owner to liquidate nonexempt business assets to repay creditors. After this, the court will discharge any remaining unsecured business debt.
The bankruptcy process is different for different business entities. If you are the sole proprietor, then the court considers your personal assets and business assets the same. For corporations, LLCs and partnerships, it becomes the duty of the bankruptcy trustee to liquidate your business assets. You may also wish to consider reorganization bankruptcy or wage earner’s bankruptcy.
Chapter 7 for Individuals: What to Know
Similar to Chapter 7 for business entities, Chapter 7 bankruptcy for individuals discharges your unsecured debt after you liquidate certain assets. Contrary to the popular belief, you do not have to sell every bit of your personal property to repay your debts. Many assets are exempt from liquidation, including clothing, household goods and vehicles up to a certain value. The bankruptcy will remain on your credit report for up to 10 years, but you will still be able to acquire a line of credit.
Start Your Clean Slate Today
Contact the office of Pendergraft & Simon, L.L.P., in Houston to schedule an initial consultation with our experienced attorneys. This is the first step in filing bankruptcy, discharging your debts and obtaining a fresh start. To reach us, call 713-528-8555 or send us an email. We represent debtors and creditors.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.