WHAT PROPERTIES CAN YOU KEEP?
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In Chapter 7 bankruptcy, your nonexempt property may be sold by an appointed trustee, who then makes partial payments to your creditors.
You have the right to retain at least a partial interest in certain assets, such as your residence, car, clothing, household appliances and furnishings, life insurance, pensions and tools of your trade. In most cases, you may not have to give up any of your personal property.
You may usually choose either the exemptions provided for in the Bankruptcy Code or those allowed under your state law, whichever is most beneficial. Creditors do retain the right to any collateral you have pledged to secure a loan.
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Lawrence D. Tackett
The Law Offices of Lawrence D. Tackett, P.L.L.C. can assist you in your decision. A Texas bankruptcy attorney ready to help you.
No one wants to face the fact that they can’t pay their bills. However, in today’s economy, many people have lost income because of illness, divorce, or layoffs. What do you do when you simply cannot pay your bills? Wouldn’t you like to know? If this describes your financial circumstances, you should know your legal rights.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult our Texas Lawyers for individual advice regarding your own situation.