Corpus Christi Personal Bankruptcy Lawyer
A Texas lawyer who can help you get a fresh start by filing personal bankruptcy
Chapter 7 bankruptcy is a common form of personal bankruptcy in Corpus Christi. Chapter 7 bankruptcy, otherwise known as liquidation bankruptcy or straight bankruptcy cancels debts. Under this section of the code, a trustee of the bankruptcy court may sell off or liquidate some of the property of a debtor for the benefit of creditors.
Most Chapter 7 filings are no-asset cases, which means there is not any non-exempt property for the trustee to sell. In order to file Chapter 7 Corpus Christi personal bankruptcy your income must be below the median income for families in Texas, based on Census Bureau statistics. Otherwise you will be required to file for Chapter 13 bankruptcy.
Chapter 13 bankruptcy is another form of personal bankruptcy. It is sometimes called reorganization bankruptcy. Unlike Chapter 7 bankruptcy, which wipes out most debts, Chapter 13 uses income of a debtor to pay creditors some or all of what is owed to them over a period of time. Chapter 13 bankruptcy involves a structured repayment plan to discharge debts. For a Chapter 13 bankruptcy, a debtor must show a stable income as well as disposable income left over after payment of necessities such as shelter, food, and utilities.
Personal bankruptcy in Corpus Christi
In Corpus Christi, under the Texas exemptions a debtor is allowed generally to keep the following:
- $30,000 worth of personal property ($60,000 for head of family), including one two-, three- or four-wheeled vehicle; two horses, mules or donkeys and a saddle, blanket and bridle for each; 12 head of cattle; 60 head of other livestock; 120 fowl; pets. Athletic and sporting equipment, home furnishing, family heirlooms; food and clothing; jewelry (but not to exceed 25 per cent of total exemptions); tools of your trade
- Your home, if not more than 10 acres in town or 100 acres out of town (200 acres for families)
- Unemployment, disability, veterans', workers' compensation and Social Security benefits
- Retirement plan and life insurance proceeds
- Farming or ranching vehicles and implements
- Alimony and child support
- Business partnership property
- Burial plots
- Health aids
The skilled legal guidance you need
A Corpus Christi personal bankruptcy lawyer at the Cavada Law Office can answer all your questions about bankruptcy laws in Corpus Christi. The firm has years of experience representing corporations and individuals in all types of Texas bankruptcy proceedings. To schedule a free consultation to discuss your case with us, contact us today.
