What I Need to Know About Chapter 7 Bankruptcy
Chapter 7 of the Bankruptcy Code permits you to discharge most of your unsecured debts, while retaining property exempted from seizure. Under Texas law, married couples can generally keep their homes and $60,000 worth of personal property, including furnishings and motor vehicles. Under federal law, married couples can keep a more limited amount of home equity and personal possessions but have the flexibility to keep cash, investments, non-homestead property,etc. There are many special categories of exempt property that may apply in your particular case. You cannot claim both the Texas and federal exemptions.
We will help you to identify exempt property, and decide which exemption scheme to select.
