Consumer Bankruptcy Lawyers in Tyler, Texas

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

Chapter 7 Bankruptcy in Tyler, Texas

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

Chapter 13 Bankruptcy in Tyler, Texas

Chapter 13 bankruptcy in Tyler, 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 Bankruptcy involves a court setting up a modified payment plan, which allows the debtor to pay off most or all of his debts over a prolonged period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

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

Chapter 13 is normally a good option for people who have a steady 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 steady income, Chapter 7 might be more beneficial.

Whatever your situation, you should speak with a local Tyler, 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.

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Life in Tyler

Tyler is located in Smith County, Texas. Its nickname is the "Rose Capital of the Nation" because the city has so many rose bushes everywhere! It is also home to America's largest rose garden. The city also annually hosts the Texas Rose Festival, an event that celebrates rose-growing industries. There is also a Rose Museum that is a popular tourist attraction.

Top employers include Trinity Mother Frances Health System, Brookshire Grocery Company, Trane Company, Carrier Corporation, Suddenlink, Tyler Junior College, The University of Texas at Tyler and East Texas Medical Center. Tyler is also home to many attorneys who have established law offices. Thus, the legal needs of residents and businesses will always be met

All in all, Tyler is a quaint city that offers small-town charm and a lovely hospitable, community-like feel.

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