Exempt Property vs. Non-exempt Assets
Filing to receive Chapter 7 protection (as opposed to chapter 13 or chapter 11 bankruptcy) means you will be required in some cases to turn over property in certain categories which has fall into the non-exempt category. (You’ll want to noted, that while this page will provide some information, the most accurate information can be obtained from a qualified bankruptcy lawyer Fort Worth TX.) This property is then sold by the trustee with proceeds going to pay toward your debts. Although this is technically the case, the situation is typically not one that requires this liquidation. Some of the non-exempt assets includes:
- High value family heirlooms
- A second car
- Valuable collector items (coins, stamps, etc.)
- Any stocks, cash, bonds or investments
Exempt assets (meaning that you will be allowed to keep these without liquidation) include the following:
- Cars, to certain dollar values (one per adult in home)
- Jewelry, to certain dollar value
- Household furniture and appliances (assuming they fall into the category of being reasonably necessary, like beds, couches, etc)
- Equity in your house
- And there are many more
Should I File To Receive Bankruptcy Protection in DFW?
Overwhelming debt can make you feel like you’re drowning and if you choose to seek help, considering bankruptcy is best done through an experienced attorney. Attorney Richard Weaver has more than 25 years with experience filing Texas bankruptcies and has high levels of experience dealing with the nuances of bankruptcy. He can provide recommendations and legal advice based on your specific situation which could help you to eliminate mounting financial debts and problems like lawsuits. Through filing bankruptcy, one of the benefits highly sought after comes in the automatic stay, which prevents creditor harassment.
In your free consultation with Mr. Weaver, you will be asked detailed questions regarding your financial issues in order to allow him to help you determine if filing to receive Chapter 7 bankruptcy protection will be viable for your situation. Call him now at 682-310-3400. Or you may reach him on the Dallas side of the metroplex at (214) 960-4125. Or in Plano/Frisco areas, at 972-372-0392.