You are likely to have a number of significant questions if you are a Texan considering filing for bankruptcy. One of your questions may be whether you are able to own anything after bankruptcy. The simple answer to your question is yes, you can own property after you pursue a bankruptcy. In order to better understand what property you can continue to own following a bankruptcy, you need to familiarize yourself with the two basic types of consumer bankruptcies available in the United States, according to the U.S. Bankruptcy Code.
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy permits you the ability to obtain a discharge or relief from liability for certain debts, according to the U.S. Bankruptcy Court. Because you are obtaining a release from your responsibility for certain debts, you may end up surrendering some property in your possession during the case.
Keep in mind that in a Texas bankruptcy, some property is exempt from being lost or forfeited in a bankruptcy. For example, your residence may be safe through the Texas homestead exemption in a Chapter 7 bankruptcy case.
Chapter 13 Bankruptcy
In a Chapter 13 bankruptcy, the court established a payment plan through which you end up paying off your debts through the bankruptcy court. The payment plan can extend for a period of up to five years. Because you are paying of your debts via a Chapter 13 plan, it’s unlikely you will lose any of your property in the process.
Retain Legal Assistance
The best course you can take to protect your property during a bankruptcy is to retain the services of an experienced bankruptcy attorney, like a member of the legal team of the Jackson Law Firm in Cedar Park, Texas. You can schedule an initial consultation with a professional lawyer from the firm at a time that is convenient for you. There is no charge for an initial consultation with a bankruptcy attorney from the Jackson Law Firm.
For more information on our Cedar Park Bankruptcy Lawyers please visit our site.