Consumer Bankruptcy Lawyers in Arlington, Texas

Find the right Consumer Bankruptcy attorney in Arlington, TX

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt discharged. It is almost always considered as a last resort because it can have some negative long-term consequences which must be considered, even if you ultimately decide that they are outweighed by the benefits. Bankruptcy is a creation of federal law, and goes through federal courts. Therefore, the procedure governing bankruptcy in Texas will be roughly the same as it is anywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local Arlington, Texas before you file.

Chapter 7 Bankruptcy in Arlington, Texas

There are 2 common types of bankruptcy in Arlington, Texas. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This usually includes homes, vehicles, insurance policies, and retirement accounts. These do not need to be sold.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is excused. However, some types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Arlington, Texas is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Arlington, Texas

Chapter 13 Bankruptcy in Arlington, Texas differs significantly from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not eliminate any debt, but it creates a new payment plan that should give the debtor some breathing room. Usually, all of the debts are consolidated into 1 periodic payment. While this might make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in Arlington, Texas

The answer to this question depends heavily on your individual situation. If you have enough steady income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 might be a good option. If you don't have much steady income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an experienced local Arlington, Texas bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your particular situation.

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Life in Arlington

You'd have to agree with TV show "King of the Hill" when they assert that Arlington, Texas may be heaven. Arlington boomed in Post World War II era nearly doubling its size in one year. The suburbs of downtown Arlington grew so quickly it became known as one of America's Bloomburbs. Today the population is well over 400,000 Arlington residents who enjoy the Texas Rangers and Dallas Cowboys as hometown teams. Arlington also hosted the 2010 NBA All-Star Game. In addition to professional sports, the local colleges and universities in Arlington offer entertainment and tourist attractions. The University of Texas at Arlington, Tarrant County College, and Arlington Baptist College all operate campuses in Arlington. Six Flags Over Texas is a nationwide attraction for theme park enthusiasts. It's the original Six Flags Theme Park and was also the first park to offer a mine train coaster, log flume splash ride, and the first free fall (cliff hanger) ride. Six Flags Over Texas has some of the most extreme rides around too. The Titan rollercoaster is the tallest and fastest amusement rides in the state of Texas at 245 feet high and with an 85 mph top speed. Spring Break Out, the Best of Texas Festival, and Fright Fest are a few of Arlington's annual festivals with parades.

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