Find a Bankruptcy Lawyer in San Angelo, Texas

Find the right Bankruptcy attorney in San Angelo, TX

In San Angelo, Texas, bankruptcy is a judicial process in which the debts of a person or business can be absolved or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is sometimes more economically proficient than requiring the debtor to pay off everything they owe. Bankruptcy should be treated as an option of last resort, and should not be viewed as a proper way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to receive loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).

Accordingly, you should speak with a good San Angelo, Texas bankruptcy lawyer. Your San Angelo bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional advice as to whether or not it's a good option, given your individual circumstances.

Types of Bankruptcy in San Angelo, Texas

In San Angelo, Texas, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a creation of federal law, the procedures governing bankruptcy in San Angelo, Texas will be similar anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is fulfilled, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and varied classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other popular bankruptcy system in San Angelo is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the original terms of their contract with the debtor. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

During the Chapter 11 process, a business can normally continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a San Angelo Bankruptcy Lawyer Help?

The need to consider all the options and consider the costs and benefits of filing for bankruptcy in San Angelo cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a San Angelo bankruptcy attorney beforehand.

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Life in San Angelo

San Angeloa has a population of around 111,820 people. It is located in the western-central area of Texas, specifically in Tom Green County. It is home to Angelo State University. Nicknames include "Angelo," "The River City," "The Concho City," "The Pearl of the Conchos," and "The Oasis of West Texas."

Some great sites to visit include the Goodfellow Air Force Base, Fort Concho, Concho River, Twin Buttes Reservoir, O.C. Fisher Reservoir, Lake Nasworthy, and San Angelo State Park.

Some past famous residents include Matthew McConaughey, Monty McCutchen, Bram Stoker, Shea Morenz, Colleen R. LaRose and Jeff Drost.

San Angelo also has many well-established law offices and small firms that practice in practically every area of law. Thus, residents and local businesses can remain rest assured because any and every legal matter will be easily handled by San Angelo's legal force.

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