Can I Keep My Car and Home?
Bankruptcy Can Help You Save Your Property
Many people are afraid that they will lose their home, cars and other property if they file bankruptcy. A Beaumont bankruptcy lawyer can help you understand your situation and what you may be able to keep. You can discuss your case during a
free case evaluation to find out what you can keep. In reality, you can keep all of the equity in your home due to
Texas bankruptcy laws and exemptions. You may also be able to keep your car as long as you are able to continue making the payments.
At the Maida Law Firm, P.C., the Houston and Beaumont bankruptcy attorneys offer a free initial consultation to answer your questions about how to keep your car and home when filing bankruptcy in Texas. The firm has an office in Beaumont, as well as one in Houston available by appointment only. The firm serves clients throughout southeast Texas and the Texas Gulf Coast. Its lawyers can help you understand the bankruptcy process and what may be lost throughout the procedure.
Keeping Your Home
When you file bankruptcy, you can keep all of the equity you have in your home. If you want to avoid foreclosure, however, you have to continue making payments. If you are not behind on your mortgage, you can file Chapter 7 bankruptcy without fear of losing your home. If you have significant arrearages, you may be able to save your home by placing those arrearages in a Chapter 13 debt repayment plan and paying it off over a five-year period.
Keeping Your Car
The Texas Property Code allows a family to keep personal property having a total fair market value of up to $60,000. Personal property includes such things as household belongings, tools, jewelry, two firearms and one car per licensed driver. There are certain limits and you should discuss your assets with an experienced bankruptcy lawyer. If you owe money on a car, you can keep the car as long as you sign a reaffirmation agreement with the lender to continue making payments. If you owe more than the car is worth, you may be able to reduce the outstanding loan to the car's current value.
The firm offer free initial consultations in either Beaumont or Houston to discuss your assets and answer your questions about bankruptcy. Contact the consumer bankruptcy attorneys at the firm's Houston satellite office or our Beaumont office to schedule a consultation! There are time limits to file for bankruptcy, so get started today!