Will I lose my property if I file for bankruptcy?

In Texas, filing for bankruptcy can be a useful way to get out from under overwhelming debt. However, whether or not you will lose your property and other assets depends on the type of bankruptcy you file. If you file for a Chapter 7 bankruptcy, you can keep many of your possessions. Texas law allows you to keep certain assets such as a primary residence, vehicles, clothing, furniture, and bank accounts, up to a certain value. Anything that is not protected against bankruptcy can be liquidated to pay your creditors. Under a Chapter 13 bankruptcy, you can keep more of your assets, but you will need to follow a court-approved repayment plan. The court will direct the money you make toward a repayment plan and you must make all the payments as specified. It is important to consult with an experienced bankruptcy attorney to determine the best type of bankruptcy for your situation and understand the effect it will have on your assets. Your attorney can also help you devise a plan to protect your assets and your finances in the future.

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Will I lose my property if I file for bankruptcy?

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