Find a Bankruptcy Lawyer in Odessa, Texas
In Odessa, 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 Odessa, Texas bankruptcy lawyer. Your Odessa 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 Odessa, Texas
There are 3 bankruptcy schemes that are commonly used in Odessa: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Odessa, Texas are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the eligible property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will usually be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.
The other common bankruptcy scheme used by consumers in Odessa 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. Though available to individuals, Chapter 11 bankruptcy is mostly used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is proposed, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.
While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.
How Can a Odessa Bankruptcy Lawyer Help?
Filing for bankrtuptcy in Odessa 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 Odessa bankruptcy attorney.
There are 37 Bankruptcy, Banking and Credit cases posted in Odessa
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest TX Cities
Life in Odessa
Odessa, Texas is a city in Ector County, Texas, and it has a population of about 100,000 people. It is the principle city in the Odessa Metropolitan Statistical Area.Odessa was founded as a water stop for the Transcontinental Railroad in the 1880s. From these humble beginnings, it gradually grew into a thriving medium-sized city.
The major employers in Odessa are the school district, hospital, and the Halliburton Corporation, which has an office in the area. These employ thousands of people in a wide variety of disciplines.
The Odessa area is currently a major regional center for the performing and visual arts, particularly the Midland-Odessa Symphony Orchestra. It is also home to the Presidential Museum and Leadership Library, focused on the Presidency of the United States. It is dedicated to informing the public about the office of the presidency, rather than any particular president.
There are many lawyers in and around Odessa, Texas, who reflect the diversity and values of the community. There are plenty of Odessa, Texas attorneys who can handle just about any legal issue you might be facing. If you need legal assistance of any kind, an Odessa, Texas attorney can help.
