I see potential clients on a regular basis who are terrified that they will lose everything if they file bankruptcy. They have gone online and read horror stories about trustees selling assets. What you get to keep in a bankruptcy is determined by the state you live in. (It is slightly more complicated than that, so you should consult with an experienced bankruptcy attorney in your area). Where I practice bankruptcy law in Waco, Texas, my clients rarely lose anything and, if they do, I tend to know at the first free consultation that there is an issue and talk to the potential client about it up front. Here in Texas, we have extremely liberal laws about what you can keep in a bankruptcy. You may want to reread that sentence again because it is one of the few sentences you will ever see in your life that says liberal and Texas together. Most of my clients have a home, a couple of cars, items in their home, bank accounts, retirement accounts, and life insurance. Typically all of those items are protected. I have filed bankruptcy for people with approximately $10,000.00 in the bank who were able to keep all of it. Other clients have keep business equipment and rental properties. An experienced bankruptcy attorney can help you keep the assets you are entitled to keep and warn you of the risks to assets which may not be protected under the law.
If you are drowning in debt and worried about losing your assets, you need to consult an experienced attorney today. Call our office or email me at [email protected] today for a free, no-obligation consultation. Let my family help yours!