Frequently Asked Questions
Why do I need an attorney?
Anyone considering bankruptcy is faced with weighty decisions about the financial future of themselves or their company. Because bankruptcy itself is covered by a number of laws and many legal ramifications, attempting to successfully navigate through one to a new start financially is best done with a Houston bankruptcy lawyer. At Stockton Law Offices, we know the relevant laws; know how to determine if you are qualified and how to help you build the best approach given your circumstances.
What is bankruptcy?
Congress determined that there should be guidelines for individuals and corporations who were crippled financially or under monetary stress to find a way to discharge debts and make a new beginning. The result is the bankruptcy code (11USC). These are divided up into "Chapters" which each have their own approach. They are essentially a way to address a situation in which creditors cannot be paid yet debts can be discharged.
Is bankruptcy the best decision for me?
Each set of circumstances is unique and requires its own evaluation of factors to determine whether putting bankruptcy law to work is feasible and what benefits it may have. There are also various approaches to bankruptcy, such as simple liquidation to pay creditors, or reorganization of a business under new management if it can possibly pay all its obligations. Discuss your situation with an attorney in our office to determine if filing bankruptcy is right for you.
Do I qualify for bankruptcy?
In order to prevent dishonest individuals who could pay their debts to avoid them, there is a "means test" which is done to determine if someone or a company is eligible to file for bankruptcy. We can help you with this test as well as any other questions you may have.
Am I obligated to file bankruptcy?
The answer is NO, YOU ARE NOT. No one can require you to file for bankruptcy. It may be your best move legally and financially, but there is nobody who can rightfully tell you that you MUST file bankruptcy. We can discuss your situation and with full information help you to determine what is best for you - and that is exactly what we want for you, your rights and best interests upheld.