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Many assets are exempt from sale in Texas bankruptcy

If you are struggling with debt that you just cannot seem to pay off, you may want to consider filing for bankruptcy. Individuals who have no experience filing for bankruptcy are likely put off by the idea, believing that they will never live the bankruptcy down and that people will think of them as a failure. More than any of that, they may fear that filing for bankruptcy will cause them more problems than it solves as they lose many of their assets.

While your first bankruptcy filing will likely be a Chapter 7 filing, it may surprise you to learn that some assets are exempt from being sold. This article explains the exemption process and lists a few assets that may be exempt in your case. Exempt property tends to be things that are necessary in modern life, but what the courts deem as necessary to modern life may surprise you.

Those who file for Chapter 7 bankruptcy will likely be allowed to keep a motor vehicle, as well as clothing, jewelry, and tools. However, properties that are not exempt include collections or family heirlooms, as well as bank accounts and additional vehicles. It is important to remember that what is and is not exempt varies by state, so one so one may wish to discuss their case with an attorney prior to filing for bankruptcy.

Texas is a state that is fairly lenient when it comes to property exemptions, allowing individuals to keep their homes, boats and bank accounts. If you are struggling with debt, consider filing for bankruptcy to take advantage of the legal debt relief it provides. Do not let fear of losing your assets deter you unnecessarily.

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