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. In reality, you can keep all of the equity in your home due to Texas bankruptcy 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, we offer a free initial consultation to answer your questions about how to keep your car and home when filing bankruptcy in Texas. We have offices in Beaumont and Houston and serve clients throughout southeast Texas and the Texas Gulf Coast.
Keeping Your Home in Bankruptcy
When you file bankruptcy, you can keep all of the equity you have in your home. However, if you want to avoid foreclosure, 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 in Bankruptcy
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.
Contact Our Beaumont and Houston Consumer Bankruptcy Attorneys
Our Beaumont and Houston bankruptcy attorneys offer a free initial consultation to discuss your assets and answer your questions about bankruptcy. Call 409-291-5117 to schedule a consultation at our Beaumont office or 713-987-3910 to schedule a consultation at our Houston office.
