In a Dallas chapter 7 bankruptcy filing, you will be able to keep your home on the condition that all of the equity in your home is exempt equity. Before you put yourself on the bankruptcy filing list, gather more information on how the existing bankruptcy code applies to your current financial situation, and speak with an attorney who has handled cases like yours before.
During the bankruptcy process, certain types and certain amounts of property are considered exempt.
The amount of the exemption you are entitled to varies depending on the state in which you’re filing. In Texas, the value of your home has no pre-set minimum or maximum, but the property may not exceed 10 acres if it’s inside a town or city or 100 acres if it’s in a rural area, and 200 acres for families in rural areas.
Exempt equity and property cannot be used by your Chapter 7 bankruptcy trustee to repay unsecured debts. In general, as long as you remain current on your mortgage, your home will not be taken from you.
If you’re considering filing for a chapter 7 bankruptcy, contact an attorney who can explain how the bankruptcy code will apply directly to the specific circumstances of your case.
Protecting your family’s future in this difficult time should be your paramount concern, so whatever your reasons for bankruptcy, speak with an attorney who will ensure that your best interests are protected and provided for once you reach the end of this process and are no longer on the bankruptcy filing list.
Contacting a Dallas Chapter 7 Bankruptcy Attorney
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 our Dallas law firm. Whatever your reasons for bankruptcy, 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.