Bankruptcy Chapter 7 Texas

Bankruptcy chapter 7 texas follows the same federal guidelines as other states. Even though chapter 7 is considered total liquidation bankruptcy, the debtor is allowed to keep some of their property. They can choose either the federal exemptions or the Texas exemptions. Texas exemptions include; Your home, if not more than 10 acres in town or 100 acres out of town (200 acres for families). Burial plots and health aids may also be kept. The head of household can keep 60,000 worth of personal property (which includes cattle, horses, fowl and pets among other things). Non head of household can keep 30,000 in personal property. Alimony, child support and retirement benefits are kept by the debtor if they choose the Texas exemptions. Farming and ranching vehicles may also be kept. Bankruptcy chapter 7 texas is quite generous compared to some of the other states. What must be sold will be done by a court appointed trustee and the proceeds will go to pay off some of the creditors. Anyone filing for bankruptcy chapter 7 texas should discuss the exact details with their attorney, who will be able to outline every exemption and every rule to filing chapter 7 bankruptcy.

Fast Facts

  • A debtor must take an approved credit counseling course when filing bankruptcy
  • Bankruptcy filings are on public record.

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