If you qualify to file a chapter 7 bankruptcy and you live in Texas, you likely will get to keep most or all of your property. How come? Texas was founded by people who were in debt trouble, and we have very liberal exemption laws.
Not only that, but as of September 1, 2015, the amount of personal property that can be claimed as exempt in Texas (safe from creditors or a bankruptcy trustee) was increased to $50,000 for a single adult, and $100,000 for a family, both after deducting the amount of any liens on the property. Texas Property Code Section 42.001 is the Texas law that was amended. That is in addition to an unlimited homestead exemption, an exemption for life insurance and retirement plans, and much more.
So if you live in the Houston, Texas area or surrounding counties and you are in serious debt trouble, give us a call at 713-772-8037 and make an appointment to meet with Mr. Black or his associate attorney about your situation. We'll discuss all of your options with you. If you are not ready to do that yet, request one of our free publications.