Consumer Bankruptcy Lawyers in Richardson, Texas

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

Chapter 7 Bankruptcy in Richardson, Texas

There are 2 main types of consumer bankruptcy in Richardson, Texas: Chapter 7 and 13. Chapter 7 liquidates part of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many forms of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and basic personal items, like clothing. These assets are not available to creditors.

Once the qualifying property is sold, and the funds transferred to the creditors, the dischargeable debt is cleared. Some forms of debt, however, can't be absolved in Chapter 7 Bankruptcy in Richardson, Texas. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be absolved, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Richardson, Texas

Chapter 13 Bankruptcy in Richardson, Texas is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each particular case. Chapter 13 does not excuse any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in Richardson, Texas

Chapter 13 is normally a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

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

With a population of just 100,000 residents, Richardson, Texas is one popular place to live. Located in Dallas and Collin Counties, Richardson comprises 28.6 square miles and is easily accessible from the Dallas Fort Worth airport. Business Week recently recognized Richardson as one of the top cities to raise kids in Texas.

Known as the "Telecomm Corridor," Richardson is home to over 5,000 thriving businesses, many of which are the world's top telecommunications providers including: ATT, Verizon, Cisco Systems, Samsung, and Fujistsu. Not surprisingly, Richardson has been ranked one of the top cities to work for commuters.

In addition to telecommunications, Richardson is also home to some top lawyers. Trained locally and out of state, Richardson lawyers are some of the best in the business and enjoy living and working in the wonderful city of Richardson. Richardson lawyers are skilled in a range of practice areas and always available to help their local client with whatever legal issue he or she is dealing with.

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