What Are Your Exemptions Under Texas Law?
Are you at the end of your financial rope? Thousands of Texans file for personal bankruptcy every month. The reason why is understandable. In the last several years, wages have been stagnate in many professions, unemployment has remained high, costs continue to rise, and home prices continue to remain stuck in neutral.
Consumer bankruptcy, whether a Chapter 7 liquidation or a Chapter 11 restructuring, is a necessary solution for many debtors. Of course either of these debt-shedding strategies have their drawbacks, but they offer a fresh start for individuals and for families.
In Texas, bankruptcy can be particularly beneficial for debtors. Not only are the Texas homestead exemptions generous, Texas debtors may keep relatively large amounts of their personal property, insurance benefits, pension benefits, and tools of the trade. For many debtors, the property exempt from the reach of creditors is crucial for restarting their financial lives.
If you’re struggling to make ends meet, you need to know not only about your bankruptcy options, but also about what assets Texas law will and won’t let you protect if you file. You may be pleasantly surprised at how much of your personal items you can keep. To find out what you need to know about your financial options, talk to the professionals at Fears Nachawati today.