Bankruptcy Lawyer Garland, TX
If you’re hesitating to file for bankruptcy because you’re concerned that doing so will cause you to lose your property, it’s important to speak with an experienced bankruptcy lawyer Garland, TX residents trust, who can clarify the realities of “liquidation bankruptcy.” Yes, trustees assigned to Chapter 7 bankruptcy cases are empowered to sell a filer’s non-exempt property so that they can forward the proceeds of that sale to the filer’s creditors. However, Texas has some of the most generous bankruptcy exemptions in the U.S. As a result, most low-income filers don’t have to worry about losing much (if any) of their property when seeking debt relief. Our firm’s Garland, TX bankruptcy lawyer team can explain what property and assets (if any) you are at risk of losing if you file for Chapter 7 bankruptcy.
Exempt Assets for Texan Filers
Unlike most states, Texas allows filers to exempt the total value of their home and the total value of one vehicle per licensed household member. This reality stands in stark contrast to most states, in which filers can only exempt a few thousand dollars of equity in a single-vehicle and the value of home equity subject to significant caps. Texas also permits the exemption of most retirement assets, public benefits, insurance benefits, and health savings accounts. Additionally, Texas filers can exempt their food, clothing, pets, a certain amount of livestock, burial plots, a significant amount of jewelry, Bibles, home furnishings, athletic equipment, and a limited number of firearms. Texans also benefit from a generous “wildcard exemption” that protects the property of a filer’s choice up to a certain value. Chances are that if you’re eligible to file for Chapter 7 bankruptcy, Texas exemptions will safeguard most, if not all of what you own.
Legal Assistance Is Available
Many people feel anxious about filing for bankruptcy because they are concerned that they will lose all of their hard-earned property, valuable assets, and sentimental possessions. If you’re feeling anxious, it’s important to remember two things if you’re thinking about filing for bankruptcy in Texas. First, Texas has some of the most generous exemptions in the nation. Second, most low-income filers who are eligible to file for Chapter 7 bankruptcy – even if they don’t live in Texas – are able to exempt most or all of their property. Exemption laws are usually generous enough that low-income filers (who don’t own unusually significant luxury property) don’t have much to worry about when it comes to the concept of “liquidation bankruptcy.”
Finally, please keep in mind that the experienced legal team at The Allmand Law Firm, PLLC takes great pride in helping our clients retain ownership of their hard-earned property, assets, and benefits. When you work with our firm, you can rest assured that we will apply every exemption available to ensure that you get to benefit from the fresh start that bankruptcy provides while retaining ownership of as much of your property as possible. Please call today to speak with an experienced Garland, TX bankruptcy lawyer at our firm in a confidential setting; we look forward to speaking with you.