Consumer Bankruptcy Lawyers in Bryan, Texas

Find the right Consumer Bankruptcy attorney in Bryan, 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 Bryan, Texas before you file.

Chapter 7 Bankruptcy in Bryan, Texas

There are 2 common types of bankruptcy in Bryan, 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 the non-exempt property is sold, the rest of the dischargeable debt is absolved. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Bryan, Texas is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Bryan, Texas

In Bryan, Texas, Chapter 13 is quite different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your particular situation. Chapter 13 Bankruptcy involves a court setting up an adjusted payment plan, which allows the debtor to pay off most or all of his debts over a longer period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

Which Type of Consumer Bankruptcy Should I File in Bryan, 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.

In any case, you should talk with a local Bryan, Texas bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely consequences. This will make it much easier for your to make an informed choice.

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Life in Bryan

Bryan is located in Texas's Brazos County, with a population nearing 76,300 people. It is surrounded by Brazos Valley and College Station. Specifically, it is near Houston, San Antonio, Dallas, and Austin. As evidence, Bryan has a convenient central location!

Bryan's economy is primarily driven by Texas A M University, the Bryan Independent School District, Sanderson Farms, St. Joseph Regional Health Center, Alenco, and the City of Bryan. The legal industry also has a presence in Bryan because many attorneys call Bryan home. Also, with Bryan being so central to many large cities with top-tier law firms, local businesses and residents have access to top notch legal services.

Famous residents include Terry H. Anderson, Kent Caperton, Chester Dunning, Claude Hall, Devin Lemons, J. Milton Nance, Doug Supernaw, Ty Warren, Jack Kingston, and Lou Zaeske.

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