Chapter 7 Bankruptcy Lawyer Arlington, TX
If you have questions about safeguarding your property during the bankruptcy process, it’s time to connect with an experienced Chapter 7 bankruptcy lawyer Arlington, TX residents trust. Meeting with our firm doesn’t commit you to filing bankruptcy. Doing so will simply allow you to ask questions and explore your options. We’ll help you make an informed decision about bankruptcy. Whether or not to proceed is a decision that is always up to you.
When weighing your debt management options, it’s important to separate myths and facts. There is a myth “in the water supply” that never seems to evaporate, no matter how many times this reality is clarified. This myth insists that if you file for Chapter 7 bankruptcy, you’ll lose all your property in the process. This is a myth. Not a fact. Yes, Chapter 7 bankruptcy is frequently referred to as “liquidation bankruptcy” because the trustees assigned to Chapter 7 cases are empowered to sell filers’ non-exempt property to repay their creditors. However, Texas has some of the most generous exemption laws in the nation. As a result, most Chapter 7 filers are allowed to keep most, if not all, of their assets and property while also having their eligible debts wiped out via the bankruptcy process.
Texas Bankruptcy Exemptions – The Basics
Texas allows filers to choose between a state-specific exemption structure and a federal exemption structure. Our Arlington, TX Chapter 7 bankruptcy lawyer will be able to advise you of which structure will safeguard your property best. Chances are that you’ll want to file Texas exemptions though, as these state exemptions are famously generous. When you apply an exemption to your property, your trustee is no longer empowered to sell that property to repay your creditors. For example, Texas allows for the exemption of family heirlooms, two firearms per household, bibles, food, clothing, burial plots, and home equity. These are just a few of the many exemptions that you can apply to safeguard your property from liquidation by the trustee assigned to your Chapter 7 bankruptcy case under Texas law.
Legal Assistance Is Available
Exemptions can be a tricky business. It’s critical that you claim as many exemptions as possible to safeguard your property from the risk of being sold by your trustee to pay back your creditors. As a result, it’s a good idea to bring a list of your personal property, real estate, and financial assets along with you when you attend your initial consultation at The Allmand Law Firm, PLLC. Once we have a solid understanding of the kinds of property you own and the assets you have an interest in, we can begin evaluating Texas and federal exemptions to safeguard as much of your property as we possibly can. Please schedule a no-risk, confidential consultation with our Arlington, TX Chapter 7 bankruptcy lawyer team today; we look forward to speaking with you.