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What You’re Allowed To Keep Following A Bankruptcy Filing

One of the most common misconceptions people have about filing for bankruptcy is that they are going to lose everything they own and be left out on the street with nothing. The idea of bankruptcy is not to punish you, but to help you get the fresh start you need so you can go back to living a productive life without the burden of unmanageable debt on your shoulders.

Lawyer Helping You Understand What Property Is Exempt

So what do you get to keep? The answer depends on several key factors and how you choose to file for bankruptcy. An experienced Georgetown bankruptcy attorney can review your case, help you understand your options and make a recommendation about your best course of action. At the offices of Lee Norton Bain, Attorney at Law, I represent clients in Chapter 7 and Chapter 13 bankruptcies.

Locating The Right Bankruptcy Solution

The difference in what property you get to keep comes down to the differences between federal exempt property rules and applicable state rules. For example, Texas rules are more generous in some areas and more restrictive in others compared to the federal rules. When you hire me, I will work with you to fully understand your concerns and goals. I will explain the pros and cons of the applicable options and make sure you have all the information you need before you make a decision.

The exempt property rules provide some type of allowance for the following kinds of property:

  • Home
  • Car
  • Household goods
  • Clothing
  • Jewelry
  • Tools of trade
  • Income
  • Animals and forage for their consumption
  • Retirement accounts
  • Possibly other property

Call To Set Up A Free Consultation

Contact my office today to discuss your exempt property questions. I offer a free 30-minute consultation without obligation. You can reach me by phone at 512-686-4293 or 800-806-0754. You can also reach my office by sending an email.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.