The bankruptcy code is a federal law that applies to the entire United States. Debtors using law chapter 7 bankruptcy in Keller, TX will find many of the same experiences as others across the nation through the process. Chapter 7 will stop foreclosure, lawsuits, telephone calls and other forms of harassment from debt collectors. It will also eliminate unsecured debts such as credit cards and medical bills.
Every state and the federal government determine what property a debtor can keep through a chapter 7 bankruptcy. These are called exemption laws and they will have a big effect on the bankruptcy. When an individual is eligible to use the law chapter 7 bankruptcy in Keller, TX, they can choose the federal exemptions but should consider the Texas ones first. Texas has some of the most generous exemptions in the country. Texans can use a homestead exemption that allows a debtor to protect an unlimited amount of value in their home, provided it doesn’t exceed ten acres in a city or 100 acres somewhere else. This means, no matter what the value of someone’s home is, they will be permitted to keep it.
There are residency requirements such as the debtor must have lived in the state for at least three years and four months. A Texan that has a driver’s license will be able to protect the equity in their motor vehicle. They are only allowed to protect one vehicle. A debtor can protect $30,000 of personal property or $60,000 for a family. These exemptions are very generous in comparison to other states or to the federal exemptions. Individuals that file chapter 7 bankruptcy, will be permitted to keep many of their personal assets when their bankruptcy is discharged.
If you are drowning in financial debt, chapter 7 or chapter 13 bankruptcy will give you the relief you need. Bankruptcy is an affordable solution that will protect your home, car, and assets while eliminating unwanted debt. Please visit Davidskohmattorney.com, and find out more about how bankruptcy can work for you.
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