For most people, considering filing bankruptcy is extremely stressful. You are dealing with creditors calling you, lawsuits being filed against you and your credit score tanking. In addition to that, there is the stigma associated with bankruptcy. Filing bankruptcy for many people feels like they are a complete failure, it’s like they are giving up. …
You should be talking directly to your attorney about any actions you want to take prior to filing bankruptcy. The court looks closely at any recent transaction and in particular, pays close attention to transactions done within 90 days of filing your bankruptcy. If the Court sees you preferring one creditor over the other prior …
In Texas, your primary residence is protected under the homestead exemption. Unlike other states, Texas provides an unlimited homestead exemption. This means if you have $300,000 in equity in your home, it is protected from your creditors and the bankruptcy trustee. However, there are some unique exceptions you must be aware of. The first rule …
Exemptions are simply a legal term used to determine if you can protect your property from the bankruptcy process. When you file a bankruptcy, you are required to turnover any NON-EXEMPT property. The good news is that in Texas, most of your property will be exempt. In over 95% of the cases I file, my …
If you are going to have to file bankruptcy, then Texas is the state you want to live in. Texas has the best exemptions in the United States. In addition, Texas allows you to choose between state or federal exemptions. Exemptions are the legal mechanism that allow you to protect your assets. The Texas Homestead …
