Can I Own Anything After Bankruptcy?

Posted by admin on March 12, 2018

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. 

For more information on our Cedar Park Bankruptcy Lawyers please visit our site.

Related Articles

Close up of cut pieces of credit card after filing for bankruptcy

How can filing for Bankruptcy affect you?

Deciding to file bankruptcy is never an easy choice and it can help to understand how this type of proceeding will affect your future. In truth, there are both advantages and disadvantages to filing for bankruptcy. By taking the time to understand more about how your future will be affected, you’ll be able to make […]

declare bankruptcy

Are All Debts Discharged Through Bankruptcy?

3 Debts that you will be left with. If you’re in debt, and can’t find a way out, it’s time to file for Chapter 7 bankruptcy. Chapter 7 bankruptcy is the best option when you don’t have a lot of assets or income. During the bankruptcy proceedings, your non-exempt assets will be liquidated, and the […]