Consumer Bankruptcy Lawyers in North Richland Hills, Texas

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

Chapter 7 Bankruptcy in North Richland Hills, Texas

There are 2 typical forms of consumer bankruptcy in North Richland Hills, 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 need to be sold.

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 North Richland Hills, Texas is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in North Richland Hills, Texas

In North Richland Hills, Texas, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. 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 arrangements that gave rise to the debt in the first place. This results in an adjusted 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 North Richland Hills, Texas

Which Bankruptcy type to file under depends heavily on the facts of each distinct case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Whatever your situation, you should speak with a local North Richland Hills, Texas bankruptcy attorney. Your lawyer 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 North Richland Hills

North Richland Hills is located in Texas's Tarrant County. It is recognized as a suburb of Fort Worth. The 2010 census reported its population to be 63,343 people.

An interesting fact is that in 2006, this area was included as one of the "Top 100 Best Places to Live in America" by Money Magazine.

Top employers include Birdville Independent School District, Wal-Mart, North Hills Hospital, Santander Consumer USA, Inc., Tarrant County College-Northeast Campus, Tyson Prepared Foods, ATI Career Training Center, and Con-Way Freight Inc. There are also a decent number of law offices and well-experienced attorneys that reside in North Richland Hills. These offices and attorneys are sufficient to provide residents and local businesses with excellent legal guidance.

Kambri Crews, author of the popular book Burn Down the Ground: A Memoir featured North Richland Hills in the book. Also, Nickelodeon's Big Time Rush actor and singer, Logan Henderson, is from North Richland Hills.

All in all, this is a wonderful area to visit or call home!

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