Houston Texas is arguably the oil & gas capital of the world, and with oil now going for around $30 a barrel, oil companies are beginning to lay people off by the thousands. BP announced 4000 being laid off just yesterday.

Our law office in west Houston has already filed several bankruptcy cases for individuals and couples that have been laid off because of the recent downturn in the oil and gast industry. Unfortunately when times were good, some of them had purchased expensive autos and trucks, and big houses with big house payments. Some have also gone into debt on credit cards and other loans, either before the bust or right after, while still trying to make ends meet and hoping it would turn around.

Depending upon a person's or couple's particular financial situation, it can be possible to "clean the slate" and get a fresh financial start by filing chapter 7 bankruptcy.

Or filing a chapter 13 "debt adjustment" case can help people save a home if the payments are delinquent or if the house is up for foreclosure. Chapter 13 can also help if someone is facing a repossession, I.R.S. tax problems, or if a person or couple makes too much money to file chapter 7 bankruptcy, or if they would lose property in a chapter 7 bankruptcy.

If you live in the Houston, Texas area or surrounding counties, we offer a free first consultation during which we talk with you about what you own, who and how much you owe, and how much you earn as well as your living expenses.

Then we review all the options available to you and discuss with you which ones make sense. You can call our office in Houston at 713-772-8037 for an appointment during working hours, or make one on our website 24 hours a day, 7 days a week.

Or if you are not ready for an appointment yet, and just researching your options, request one of our free publications. You can download them instantly at jthomasblack.com, or you can call the office and we can mail publications to you.

Have an oilfield job story to tell? Any hints of things improving in the industry? Please leave your comments or questions below.



J Thomas Black
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Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization
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