Consumer Bankruptcy Lawyers in Corpus Christi, Texas

Find the right Consumer Bankruptcy attorney in Corpus Christi, TX

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt absolved. 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 Corpus Christi, Texas before you file.

Chapter 7 Bankruptcy in Corpus Christi, Texas

There are 2 main types of bankruptcy in Corpus Christi, Texas. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 involves liquidation of some of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This normally includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Corpus Christi, Texas is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Corpus Christi, Texas

Chapter 13 Bankruptcy in Corpus Christi, Texas is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each particular case. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the contracts that gave rise to the debt in the first place. This results in an altered payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

Which Type of Consumer Bankruptcy Should I File in Corpus Christi, Texas

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your particular situation. If you have a steady income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a steady income, and most of your property is exempt, Chapter 7 might be a better way to go.

Whatever your situation, you should speak with a local Corpus Christi, Texas bankruptcy attorney. Your lawyer will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

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Life in Corpus Christi

Corpus Christi rests on the coast of the Gulf of Mexico in South Texas. As the seat of Nueces County, Corpus Christi is home to the county offices and courts. The Nueces County Courthouse is home to most county trials but also houses the Texas Thirteenth Court of Appeals and Corpus Christi Municipal Court. Nueces County and the United States Government employ the most employees in Corpus Christi since it's the county seat and there are two large military instillations: the Corpus Christi Army Depot and the Naval Air Station Corpus Christi. These major military operations also employ over 6,000 civilians. The Port of Corpus Christi is the United States' 6th largest port along the Gulf. Agricultural products and petrochemicals drive the Corpus Christi economy and are the main goods exported from the port.

The City of Corpus Christi is not all commerce. There are a number of outstanding institutions like renown Texas AM University within city limits. Our Lady of Corpus Christi and Del Mar College are also located in town. Notable locals include the inventor of Liquid Paper Bette Nesmith Graham, NASCAR drivers Bobby and Terry Labonte, The Reverend Horton Heat, and Lou Diamond Phillips. If that's not enough proof that Corpus Christi is a great city, check out the local wildlife. Corpus Christi is home to a busy fishing business and marine recreation. The bay's high winds offer excellent kite boarding and wind surfing conditions.

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