If you are feeling overwhelmed by your financial situation, then you may want to consider filing a chapter 7 or Chapter 13 bankruptcy. Filing for bankruptcy can provide you with the relief and time that you need to get back on your feet and to begin feeling at ease in life once again. A Fort Worth bankruptcy attorney can help you begin the process of gathering paperwork, scheduling necessary meetings, and filing the appropriate documents with the court for your bankruptcy case.
Debtors find that they often feel a sense of calm after filing for bankruptcy. Under a Chapter 7 bankruptcy, debtors are no longer required to repay a majority of their debts. In addition, one can still enjoy ownership of certain forms of property. You are allowed to keep certain property that is considered “exempt”. Texas law offers more exemptions for debtors than most other states. Filing for bankruptcy in Texas can be a very smart option for people who are financially strapped for cash and unable to meet their monthly obligations. In the beginning stages of a bankruptcy filing, a bankruptcy attorney will help you figure out which types of property are included in the bankruptcy estate. The bankruptcy estate is the total sum of assets that will be used to repay creditors. A trustee is in charge of distributing the assets contained in the bankruptcy estate. The trustee is a neutral, third-party in your case.
Texas offers several classes of exemptions that debtors can benefit from in their bankruptcy case; as an experienced Fort Worth bankruptcy attorney, I will analyze your property holding and figure out which asses are exempt in Texas. A single person is able to keep certain property that has a value of up to $50,000. A family is able to keep property that has a value of up to $100,000. Certain tools and equipment that are used in one’s profession may be exempt in a bankruptcy filing. Any equipment that is used for farming purposes is exempt from a bankruptcy estate. Under Texas Law, your homestead, certain insurance and certain retirement plans can be unlimited in value.
Other notable exemptions include a motor vehicle for each member of the family, a limited number of farm animals and wages for personal services. Clothing is also totally exempt in the state of Texas. These exemptions are liberal in comparison with other states that allow only a small amount of the value of one’s wardrobe, professional equipment and motor vehicle to be exempt property.
There are also Federal Bankruptcy Exemptions. In Texas, you can choose one or the other, but not both. While the Texas Exemptions are very generous, in certain cases, it may be better to claim the Federal Bankruptcy Exemptions. An experienced Fort Worth bankruptcy lawyer will be able to assist you in choosing the exemptions that are best for you. In most instances, all of your property will be exempt.
By hiring an experienced Fort Worth bankruptcy attorney you can rest assured, that you will be in good hands. Rather than dealing with the stress of a bankruptcy by filing alone, I will provide you support during the time when you need it most. I will attend all meetings, such as the 341 meeting with you. You will not have to worry about being left to deal with difficult creditors because I, Michael P. O’Donnell, will be your advocate at all times.
For a free consultation with an experienced Fort Worth bankruptcy attorney, call Michael P. O’Donnell at 817-732-7590 or 972-819-3861 or E-mail me. I can help you.