Chapter 7 Bankruptcy Lawyer Fort Worth, TX
If you’re worried about losing your property during bankruptcy, it’s important to speak with a Chapter 7 bankruptcy lawyer Fort Worth, TX residents trust. Some Chapter 7 filers opt to prepare their bankruptcy petitions on their own. However, this isn’t usually a good option for filers who own any significant property. Working with an experienced Fort Worth, TX Chapter 7 bankruptcy lawyer will help to ensure that you are allowed to keep as much of your property as possible after filing for bankruptcy.
During the Chapter 7 bankruptcy process, the trustee assigned to your case will be empowered to sell any of your property that is considered “non-exempt.” This includes both items and/or assets that are non-exempt and the non-exempt value of more significant pieces of property that may only be partially non-exempt. As a result, you need to ensure that as much of your property as possible is covered by exemptions. Exemptions allow you to safeguard property from being sold by your trustee so that the profits of that sale can be funneled back to repay your creditors.
Choosing Between Texas and Federal Bankruptcy Exemptions
While the majority of states only permit their residents to file state-specific bankruptcy exemptions, some states permit residents to file federal bankruptcy exemptions instead. Generally speaking, you can only choose to file Texas exemptions or federal exemptions. You can’t pick and choose the exemptions you like from each model. It’s important to choose the type of exemptions that will best safeguard your property from the trustee assigned to your case.
Most of the time, because Texas exemptions are famously generous (and are among the best in the U.S.) it makes sense to file for state-specific exemptions. However, there are unique circumstances under which it would be more beneficial for a filer to choose federal exemptions. When you meet with our firm, consider bringing a list of your property and assets with you. After we examine the kinds of things you own and ask you about their relative value, we’ll be able to tell you whether it makes more sense for you to file state or federal exemptions, based on your unique needs, priorities, and property ownership situation.
Legal Assistance Is Available
If you don’t earn much income and you’re struggling to make ends meet while paying down your debts, please schedule a consultation with the experienced Texas legal team at The Allmand Law Firm, PLLC today. Once we learn the details of your financial situation, we’ll be able to advise you of your debt relief options accordingly. If filing Chapter 7 bankruptcy is a good fit for you and an option you wish to pursue, our Fort Worth, TX Chapter 7 bankruptcy lawyer team will help you navigate this process successfully; we look forward to speaking with you.