For example, the Texas homestead exemption allows debtors to protect an unlimited amount of value in their home provided the property does not exceed 10 acres in a city town or village or acres elsewhere.
Texas Bankruptcy Laws
This means that debtors in Texas can file for Chapter 7 bankruptcy and keep their home, regardless of its value. Be aware however, that there is a residency requirement in order for the Texas homestead law to apply. According to legalconsumer. This requirement is designed to prevent debtors from picking up and moving from their home state to state with more favorable laws in order to protect more property in a bankruptcy filing.
Texas Bankruptcy: Chapter 7 & Chapter 13 Explained | Leinart Law
If you have questions, make sure to meet with a qualified bankruptcy attorney. This means that if you can drive a car, you have a right to protect one car through the Chapter 7 bankruptcy process in Texas. Because of the generous dollar amounts attached to the Texas exemptions, it is very likely that you can file for Chapter 7 and retain all of your property.
The exemption laws change from time to time, so be sure to meet with an attorney to review your case in detail. The cost of filing for bankruptcy varies greatly by jurisdiction. In Texas, the fees charged in the larger cities such as Dallas and Houston will be greater than in more rural areas.
This is due, in large part, to the additional overhead required in the big cities to keep a practice going. A reputable law office will tailor their fee to your needs as well as to the amount of work that will be associated with your case.
Many bankruptcy law firms offer installment plans and flexible payment arrangements. Thanks to the bankruptcy reforms of , debtors seeking Chapter 7 protection must deal with the means test.
- Filing Without an Attorney | United States Courts.
- How Much Does It Cost To File Bankruptcy In Texas? → Costs Of Filing.
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You might qualify for exemptions not included in this article, or be required to meet qualification requirements. Legal citations. Texas Homestead Exemption Prop. Texas Personal Property Exemptions Prop. Texas Motor Vehicle Exemption Prop. Other Texas Exemptions Pensions and Retirement Accounts You can exempt most tax-exempt pensions and retirement accounts under both the Texas exemptions and the federal exemptions. Insurance Exemptions Ins. Find out more about the bankruptcy process and the Chapter 7 documents you'll need at each stage.
In a Chapter 13 bankruptcy , it works differently.
How do you file Chapter 7 bankruptcy?
Confirming Texas Exemptions This list includes the majority of bankruptcy exemptions available in Texas, but not all. Talk to a Lawyer. Need a lawyer? Start here. If you do not have the money, you can request permission to pay in installments. Your lawyer will also charge fees to complete the paperwork and shepherd your case through the bankruptcy process. Some people try to handle their own bankruptcy for this reason, not wanting to pay a lawyer anything. For this reason, you really need an attorney. In a Chapter 7, the complexity of the case drives how much a lawyer will charge.
You should meet with an attorney for a free consultation, during which he can assess your case and give you an estimate of how much he will charge. You will need to pay the lawyer ahead of time. In a Chapter 13, the fee will also vary by the complexity of the case.