Consumer Bankruptcy Lawyers in Waco, Texas

Find the right Consumer Bankruptcy attorney in Waco, TX

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

Chapter 7 Bankruptcy in Waco, Texas

In Waco, 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 typically includes homes, vehicles, insurance policies, and retirement accounts. These do not need to be sold.

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

Chapter 13 Bankruptcy in Waco, Texas

In Waco, Texas, chapter 13 is very different from Chapter 7, and may or may not be the best option for you, depending on your situation. 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 arrangements that gave rise to the debt in the first place. This results in an adjusted 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 Waco, Texas

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

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Life in Waco

Waco is home to approximately 234,906 people. Located in McLennan County, Texas, Waco lies near the Brazos River and is between Dallas and Austin.

Being near two of Texas's largest cities, Waco residents have available to them the large legal force in Dallas and Austin. Many small, mid-size, and large law firms are located near Waco and train attorneys in all areas of practice.

Alongside the legal industry, top employers include Baylor University, L-3 Communications, Wal-Mart, Sanderson Farms, Inc., the school districts, and Hillcrest Health System.

Downtown Waco is a fun area filled with great shopping and dining. Also, Downtown Waco is were Dr. Pepper was invented! The famous Dr. Pepper Museum is therefore located in Downtown. Other popular attractions include the west banks of the Brazos River, Baylor University, and the Cameron Park Zoo.

All in all, Waco is a great place filled with friendly residents, history, and comfortable living.

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