Find a Bankruptcy Lawyer in Galveston, Texas
In Galveston, Texas, bankruptcy is a judicial process in which the debts of a person or business can be eliminated or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is sometimes more economically efficient than requiring the debtor to pay off everything they owe. Bankruptcy should be treated as an option of last resort, and should not be viewed as a convenient way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to obtain loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).
Therefore, it is prudent to consult with an experienced Galveston, Texas bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a Galveston bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Galveston, Texas
There are three basic bankruptcy schemes that are most commonly used in Galveston: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Galveston, Texas will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.
The other commonly-used bankruptcy system in Galveston is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is usually a better option for people who have a steady income. Although it can be used by individuals, Chapter 11 bankruptcy is used almost exclusively by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requries that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being implemented, this plan must be approved by a majority vote of participating creditors.
While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.
How Can a Galveston Bankruptcy Lawyer Help?
Filing for bankrtuptcy in Galveston is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Galveston bankruptcy attorney.
There are 25 Bankruptcy, Banking and Credit cases posted in Galveston
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest TX Cities
Life in Galveston
Galveston is a city in Texas located on the coast, Galveston Island to be exact. Per the 2010 census it has a population of 47,743 people.The economy thrives off of the health care, shipping and financial industries. However there are many small law offices and firms in Galveston as well. These entities train excellent attorneys to handle various legal matters.
Some sites to be seen in Galvestron are the Mood Gardens, Schlitterbahn Waterpark, Ocean Star Offshore Drilling Rig & Museum, the Lone Star Flight Museum, Galvestron Railroad Museum, The Strand, and Seawolf Park.
Some notable residents include William L. Moody Jr., John H. Murhy, Sam Maceo, and Douglas Corrigan.
All in all, although not one of the big cities in Texas, Galveston is a great place to visit and to call home.
