Consumer Bankruptcy Lawyers in Midland, Texas

Find the right Consumer Bankruptcy attorney in Midland, 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 Midland, Texas will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Midland, Texas

There are 2 typical types of consumer bankruptcy in Midland, Texas: Chapter 7 and 13. 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 typically includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

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 Midland, Texas debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Midland, Texas

Chapter 13 bankruptcy in Midland, Texas is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. Chapter 13 Bankruptcy involves a court setting up an altered payment plan, which allows the debtor to pay off most or all of his debts over an extended 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 Midland, Texas

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable 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 Midland, 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 Midland

Midland is located in Midland County, Texas. It is located in Texas's Southern Plains region. Some of Midland falls into Marin County. As of the 2010 census, Midland has a population of 111,147 people.

Top employers that drive the economy include Warren Equipment Companies, the Midland Independent School District, the Midland Memorial Hospital and Medical Center, Dawson Geophysical, Midland College, Patterson Drilling UTI, ATT Wireless, and Key Energy Services. Midland is also home to many law offices and small firms that practice in various legal practices. Thus, residents and businesses of Midland can rest assure because any and every legal need of theirs can be easily handled by Midland's legal force.

Famous residents include Michael Arden, Kahty Baker, Cedric Benson, Raymond Benson, Barbara Bush, Jeb Bush, Jenna Bush, Mike Conaway, Leeon D. Davis, Don Evans, Kenn George, Tommy Franks, Spud Webb, Larry L. King, and Eileen Wilks.

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