What Happens to My Property in a Bankruptcy?
By: Julie Koenig
One of the most common questions people have when considering filing for bankruptcy is, "what happens to my property?" While the answer varies depending on what chapter of bankruptcy you file, it is important to know that you won't lose everything in bankruptcy.
Our team of experienced and committed lawyers will help you understand what type of property will be considered exempt under the current state and federal exempt property laws.
Helping You Understand State and Federal Exemptions in Your Bankruptcy
Our comprehensive Texas bankruptcy attorneys have been providing quality legal advice and reliable representation to individuals and business owners for more than a decade.
Our attorneys understand how confusing bankruptcy may be, especially if you have never filed before. We want to help educate you about those debt relief options available to you, and help you recognize what will happen to your property in a bankruptcy case.
Our clients often come to us believing that by filing for Chapter 7 bankruptcy, they will have to liquidate everything they own in order to pay back their creditors. In reality, Texas and federal exemptions provisions allow individuals to hold onto important possessions, like (but not limited to):
- Household goods
- Retirement benefits (401(k) and IRA accounts)
- Rural real property
- Alimony payments
We can help you understand how the exemptions will affect your property and ensure that you are able to make the maximum allowable bankruptcy exemption claims in your case.