If you are filing for bankruptcy in the United States, you may be wondering if you will have to give up your personal possessions or property. This will depend on the type of property. Law firms in Dallas, Texas who handles bankruptcy cases can help.
Some of the laws surrounding bankruptcy will depend on your state and even your district. A district bankruptcy court may need to make the decision on which property could potentially be sold in order to pay unsecured creditors in a Chapter 7 bankruptcy.
However, no matter what state you reside in, there are certain types of property that you won’t have to give up through a bankruptcy in the United States. This is known as exempt property.
Most states include the following as being exempt property:
- clothing (whatever is reasonably necessary);
- household furnishings/goods (whatever is reasonably necessary);
- vehicles (to a certain value);
- tools used for your work (to a certain amount);
- public benefits;
- personal effects; and
- home equity (to a certain amount).
As you can see, most of your personal possessions and property may not have to be given up. If you need further information on what you can expect to happen during your bankruptcy or you need legal guidance on which type of bankruptcy filing is best, then law firms in Dallas, Texas can help.
A Chapter 7 lawyer in Texas can work with you to ensure that much of your property and possessions can be protected, no matter what type of bankruptcy you are filing.
Contacting Law Firms in Dallas, Texas
At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to proactively plan for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting a Chapter 7 lawyer in Texas. We’ll guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today. We’re here to help.