Consumer Bankruptcy Lawyers in Texas City, Texas

Find the right Consumer Bankruptcy attorney in Texas City, TX

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt discharged. 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. Individual courts in Texas City, Texas will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Texas City, Texas

In Texas City, Texas, there are 2 commonly-used forms of consumer bankruptcy: Chapter 7 and Chapter 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 usually 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 absolved. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Texas City, Texas is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Texas City, Texas

Chapter 13 bankruptcy in Texas City, Texas is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

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

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your individual situation. If you have a steady income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a steady income, and most of your property is exempt, Chapter 7 might be a better way to go.

Regardless of your situation, you should speak with an attorney in Texas City, Texas who is experienced in bankruptcy before making a decision. They will be able to advise you of your options, and the likely consequences of each one, allowing you to make a much more informed decision.

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Life in Texas City

Texas City has a population of 43,000 and is located in Galveston County, Texas. It is one of the busiest deepwater port cities located in the Texas Gulf Coast area. The Port of Texas City is the eighth largest port in the nation and Texas' third largest port.

Texas City's economy has traditionally been supported by both shipping and heavy industry. Industries include petroleum production and petrochemical refining. The Texas City Industrial Complex located in the city is a leading producer in the petrochemical market. Recently city planning has diversified the economy to include other sectors like health care and tourism.

In addition to its industrial presence, Texas City is known for its beautiful parks and wildlife preserves. Many parks are part of the "Great Texas Coastal Birding Trail", where one can see large flocks of birds in spectacular numbers. Favorite parks to visit are Bay Street Park and Nessler Park. Nessler Park is the site for the city's annual "Music Fest by the Bay".

Texas City lawyers can assist you by filing legal claims with the Texas City Municipal Court. The municipal court is authorized to oversee a variety of legal issues. Lawyers in Texas City, Texas provide legal services which meet the unique demands of the city's economy.