If you are facing bankruptcy, a San Antonio bankruptcy attorney can help you to understand your rights. A Chapter 7 bankruptcy attorney in San Antonio can help get you debt relief and lower monthly payments. These lawyers will explain Texas exemption laws, which are generous. With a Chapter 7 or a Chapter 13 bankruptcy attorney in San Antonio, you can claim a fresh start.
Texas Exemption Advantages
A San Antonio bankruptcy attorney will explain that you can choose between claiming federal exemptions or state exemptions. Texas exemptions are some of the most liberal in the nation, so Texans filing bankruptcy rarely choose federal exemptions. Generous exemptions allow you to reduce the figures that must be repaid in a Chapter 13 bankruptcy, meaning lower monthly payments.
Texas laws offer debt relief through a generous Homestead Exemption. If you own no more than 10 acres in a town or city, or no more than 100 acres in the country, Texas exemptions entitle you to keep your home, no matter the value. However, if your homestead is worth more than $146,450, you must be able to prove at least 40 months of residence. One caveat could be that if you have recently moved to Texas, you are likely beholden to the exemption laws of your former state of residence. A San Antonio bankruptcy attorney can be of assistance in determining how the Texas property exemption laws apply to you.
When filing for bankruptcy, an individual with a driver’s license can claim an exemption for one car. If you have a family, each member with a valid license is entitled to protect the worth of one car. A lawyer can help you to claim this form of debt relief.
Personal property exemptions
Again, a Chapter 7 bankruptcy attorney in San Antonio will assure you that the Texas personal property exemption laws are extremely generous. An individual can protect up to $30,000 worth of personal property, while a family is entitled to protect as much as $60,000. These exemptions are often enough to allow total asset protection.
Contact us for expert advice from a San Antonio Bankruptcy Attorney.