On Behalf of Steele Law Firm PLLC | May 8, 2020 | Uncategorized
Making the choice to file for bankruptcy protection is not easy. If you find yourself moving forward with this process, you probably have some significant concerns about how this process will impact your future. Like many others who consider bankruptcy, you may wonder if this choice will require you to give up your property.
The intent of bankruptcy is not to leave you destitute and without the things you need for daily life. It is to allow you to discharge certain balances and deal with your debt in a reasonable and organized manner. If you file for Chapter 7 bankruptcy, there are property exemptions available that will allow you to keep the things you need while still benefiting from the protection this process provides.
What can you keep?
Chapter 7 bankruptcy is liquidation bankruptcy, which means you may have to relinquish some assets to sell for the purpose of repaying creditors. However, there are various exemptions available that will likely allow you to keep the things most important to you. Some of these include:
These exemptions will allow you to keep the things you need for a normal life and to provide for your family. Some of the non-exempt forms of property you may have to give up when filing for Chapter 7 bankruptcy include:
Under Chapter 7 bankruptcy, you will be able to discharge certain balances associated with unsecured debt, such as credit card debt and medical debt. While giving up some of your property may seem unthinkable, this process could allow you to reclaim a better financial future for yourself and family.
Learn more before you decide
Filing for bankruptcy is a major decision. Before you choose what you want to do, you may find it beneficial to speak with an experienced Texas bankruptcy attorney regarding your options. You can also discuss how Chapter 7 will impact your life, such as your property and important belongings.
