Find a Bankruptcy Lawyer in Midland, Texas
In Midland, 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).
Accordingly, you should speak with a good Midland, Texas bankruptcy lawyer. Your Midland bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional opinion as to whether or not it's a good option, given your particular circumstances.
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Types of Bankruptcy in Midland, Texas
There are 3 bankruptcy schemes that are commonly used in Midland: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Midland, Texas are very similar to what they will be anywhere else in the United States. 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 common bankruptcy scheme used by consumers in Midland is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the agreements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. Chapter 11 bankruptcy is primarily used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - essentially telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.
One advantage of Chapter 11 bankrutpcy is that it allows a business going through it to continue operations, and to trade its stock.
How Can a Midland Bankruptcy Lawyer Help?
Filing for bankrtuptcy in Midland 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 Midland bankruptcy attorney.
There are 34 Bankruptcy, Banking and Credit cases posted in Midland
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest TX Cities
Life in Midland
Midland is located in Midland County, Texas. It is located in Texas's Southern Plains region. Some of Midland falls into Marin County. As of the 2010 census, Midland has a population of 111,147 people.Top employers that drive the economy include Warren Equipment Companies, the Midland Independent School District, the Midland Memorial Hospital and Medical Center, Dawson Geophysical, Midland College, Patterson Drilling UTI, AT&T Wireless, and Key Energy Services. Midland is also home to many law offices and small firms that practice in various legal practices. Thus, residents and businesses of Midland can rest assure because any and every legal need of theirs can be easily handled by Midland's legal force.
Famous residents include Michael Arden, Kahty Baker, Cedric Benson, Raymond Benson, Barbara Bush, Jeb Bush, Jenna Bush, Mike Conaway, Leeon D. Davis, Don Evans, Kenn George, Tommy Franks, Spud Webb, Larry L. King, and Eileen Wilks.
