Consumer Bankruptcy Lawyers in Mcallen, Texas

Find the right Consumer Bankruptcy attorney in Mcallen, 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. Since it's a product of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Texas will be the same as anywhere else in the country. Individual courts in Mcallen, Texas will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Mcallen, Texas

There are 2 main types of consumer bankruptcies in Mcallen, Texas: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is discharged. Fortunately for debtors, many types of property are exempt from liquidation, including homes, vehicles, essential personal items, and retirement accounts.

Once the eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some types of debt, however, can't be discharged in Chapter 7 Bankruptcy in Mcallen, Texas. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 might not be the best choice for you.

Chapter 13 Bankruptcy in Mcallen, Texas

Chapter 13 bankruptcy in Mcallen, Texas is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 Bankruptcy involves a court setting up a modified 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 Mcallen, Texas

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your individual 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 Mcallen, Texas bankruptcy attorney. Your lawyer will be able to advise you of your options and their likely consequences, which will help you make a more educated decision.

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Life in Mcallen

McAllen, Texas is the largest city in Hidalgo County, having a population of more than 100,000 people.

McAllen, Texas was recently ranked by Forbes Magazine as having one of the best real estate markets in the U.S. It is currently designated a Foreign Trade Zone by the federal government, which is basically a free port, meaning that goods from other countries can enter the U.S. without having to pay customs duties.

Thanks to this free port, McAllen, Texas has a thriving retail sector, with many high-end retailers catering to American and Mexican shoppers, alike. This free trade zone also promotes a great deal of industrial activity on both sides of the border, benefiting both economies.

McAllen is a popular destination for dedicated bird watchers, as it lies on a migratory path that many different species of birds take from South America to North America. The rural areas surrounding the city provide excellent bird watching sites, along with a rich abundance of other wildlife.

If you are looking for a lawyer, and live in McAllen, Texas, chances are good that you'll be able to find one. There are many McAllen, Texas lawyers who can help you with almost any legal problem you might have.

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