Consumer Bankruptcy Lawyers in Round Rock, Texas

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

Chapter 7 Bankruptcy in Round Rock, Texas

There are 2 main types of consumer bankruptcy in Round Rock, Texas: Chapter 7 and 13. 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 absolved. Fortunately for debtors, many forms of property are exempt from liquidation, including homes, vehicles, basic personal items, and retirement accounts.

Once qualified assets are sold, and the money turned over to the creditors, most remaining debt is absolved. However, there are certain types of debt that cannot be absolved in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Round Rock, Texas.

Chapter 13 Bankruptcy in Round Rock, Texas

Chapter 13 Bankruptcy in Round Rock, Texas differs substantially from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. 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 contracts that gave rise to the debt in the first place. This results in an altered 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 Round Rock, 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.

In any case, you should talk with a local Round Rock, Texas bankruptcy lawyer. Your lawyer can advise you of your options and inform you of their likely outcome. This will make it much easier for your to make an informed choice.

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Life in Round Rock

Round Rock, Texas is a city located in Travis and Williamson Counties. Its population, as of a 2009 Census estimate, is about 100,000. This is up from 60,000 counted in the 2000 Census, making it an extremely fast-growing city.

In 2008, Round Rock was named by Money Magazine as one of the best small cities in the U.S. to live. It placed seventh, overall, out of hundreds of U.S. cities of comparable size. This is largely based on Round Rock's high average income, and explosive job growth. Round Rock also boasts some of the best public education in the state of Texas. Round Rock is the national headquarters of Dell Computer, which employs about 16,000 people in its local facilities.

Round Rock has made it through the recent recession much better than the average American city, thanks to its highly diversified economy.

This means that there is a thriving and diverse legal community in Round Rock. If you need a Round Rock, Texas lawyer, chances are good that you'll be able to find one. Whatever legal issue you may face, now or in the future, there's probably a Round Rock, Texas lawyer who can help.

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