Consumer Bankruptcy Lawyers in Fort Worth, Texas

Find the right Consumer Bankruptcy attorney in Fort Worth, TX

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt excused. 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 eventually decide that they are outweighed by the benefits. Since it's a creation of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Texas will be the same as everywhere else in the country. Distinct courts in Fort Worth, Texas will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Fort Worth, Texas

There are 2 typical forms of consumer bankruptcies in Fort Worth, Texas: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 involves liquidation of part 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 typically includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is excused. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Fort Worth, Texas debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Fort Worth, Texas

Chapter 13 Bankruptcy in Fort Worth, Texas is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each distinct case. Chapter 13 does not excuse debt, but restructures it instead. Typically, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is typically manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Fort Worth, Texas

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

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

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Life in Fort Worth

Fort Worth is concentrated within three main districts: the Cultural District, the Sundance Square District, and the Stockyards Station District. Some more background information is that Fort Worth is the fifth largest city in Texas, and the sixteenth largest in the U.S.

Naturally, in such a fun and exciting place, there are many things to do. Popular attractions include Fort Worth Stockyards National Historic District, Stockyards Rodeo, Bass Performance Hall, Modern Art Museum of Fort Worth, the Texas Civil War Museum, Omni Theater, and Trinity Park. Fort Worth is also home to many well-known law firms such as Haynes and Boone, LLP, as well as many mid-size and small law firms. Essentially, any resident or corporation's legal needs can be met because there is a variety of firms and lawyers to choose from. Whether a large case needs to be litigated by a corporate, or an individual needs some small matters taken care of, Fort Worth offers its residents some of the brightest lawyers in the country.

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