Consumer Bankruptcy Lawyers in The Woodlands, Texas

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

Chapter 7 Bankruptcy in The Woodlands, Texas

In The Woodlands, 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 normally 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 The Woodlands, Texas is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in The Woodlands, Texas

Chapter 13 bankruptcy in The Woodlands, Texas is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your individual case. Chapter 13 does not absolve debt, but restructures it instead. Normally, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is normally manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in The Woodlands, Texas

Which Bankruptcy type to file under depends heavily on the facts of each particular 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 The Woodlands, Texas bankruptcy attorney. Your lawyer will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in The Woodlands

The Woodlands is a community located in Texas. It is within the Houston-Sugar Land-Baytown metropolitan area. Per the 2010 census, its reported population is 93,847 people. Specifically, this area is located 32 miles north from Houston.

Top employers include Chevron Phillips, Anadarko Petroleum Corporation, Baker Hughs, CBI, Hewitt Associates, Maersk Line, and Safmarine.

The legal industry also has a presence in the area because many attorneys call The Woodlands home. Also, with the area being so near Houston, residents and local businesses have access to the top-tier law firms and excellent attorneys that practice in the Houston area.

Celebrities who have once called The Woodlands home include Torrie Wilsom, Laura Wilkinson, Peter Stroud, Nick Mitchell, Larry Izzo, Jack Ingram, Hayes Carll, Michael Glyn Brown and Lance Blanks.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY