Protecting Your Personal Property

Fort Worth Bankruptcy Lawyers Ready to Answer Your Questions

Horror stories about bankruptcy will tell you that you will have to sell all your possessions. The facts are much different -- you usually get to keep much of your personal property. And you can choose between different plans that will allow you to keep different things.

Are People Near Fort Worth in Need Avoiding Bankruptcy?

Although bankruptcy filings are climbing back to the all-time high of 2 million reached in 2005, there is a growing concern that many Americans in need of bankruptcy protection are not filing. A recent article in USA Today quotes Katherine Porter, associate professor of law at the University of Iowa who says, “[T]he filing rate doesn’t even begin to count the depth of financial pain.”

Are you hurting financially? Bankruptcy can help ease that pain.

Bankruptcy is a federal legal process for declaring an inability to pay your creditors. When you file bankruptcy in Fort Worth you get immediate relief. The Fort Worth bankruptcy court imposes an “automatic stay” prohibiting creditors from taking collection action against you while the bankruptcy case is pending. The automatic stay is very powerful and stops lawsuits, wage garnishments, and even foreclosures. Its purpose is to give the debtor some breathing room and an opportunity to decide how to resolve an overwhelming debt problem.

There are typically two different types of bankruptcy cases: chapter 7 and chapter 13. In chapter 7 you eliminate debt without payment while chapter 13 is a repayment plan over three to five years. At the end of a bankruptcy case the court enters an order discharging eligible debts and permanently prohibits creditors from taking collection action against you.

In some cases certain debts are not discharged. The most common types are family support obligations, student loans, and taxes. However, bankruptcy offers significant relief by discharging other debts and freeing up money to pay the non-discharged debt. Chapter 13 can also be helpful by allowing payment of the non-dischargeable debt under the supervision of the bankruptcy court and without fear of lawsuits, wage garnishments, or other nasty creditor action.

The bankruptcy process in Fort Worth is very efficient. For most Fort Worth chapter 7 debtors the case will last a few months and requires one meeting with the Fort Worth bankruptcy trustee. The cost of bankruptcy in Fort Worth is very reasonable compared to the relief that is given.

If you are hurting financially, speak with an experienced Fort Worth bankruptcy lawyer and discover how the federal bankruptcy laws can help you. There are many options available in the law and can give you real relief from overwhelming debt.

Before you consider filing for bankruptcy in Fort Worth, you deserve to find out how you can keep your personal property. The Fort Worth bankruptcy attorneys of Fears | Nachawati can walk you through your different options and answer your questions about keeping personal property. Contact us and set up a consultation about your specific situation.

What Can I Keep In Bankruptcy?

The key to protecting your personal property is making sure things are exempt from the bankruptcy proceedings. When something is exempt, it means you will definitely be able to keep it. Some things are automatically exempt, but for some, your lawyer will have to prove that it needs to be considered exempt.

All bank accounts, retirement accounts, etc. are automatically exempt. Typically, you can also keep furniture, TVs, stereos, appliances, computers, household pets, and many other possessions. Even if you have a home entertainment system, it will typically be exempt.

Examples of things you may not be able to keep are boats and other watercraft (ski-doos, jet skis, etc.) But it depends on your situation -- you can only know for sure if you speak with an experienced Fort Worth bankruptcy lawyer.

Can Bankruptcy Force Me To Sell Property?

In general, the Fort Worth bankruptcy court is only going to take away things that will bring a fair amount in a sale. Valuable possessions, such as things that don't depreciate much with age, may not be exempt and may be sold off.

And of course, the type of bankruptcy that you choose can make a difference. A Chapter 7 bankruptcy will typically involve selling off more property than a Chapter 13 bankruptcy. And a Chapter 13 bankruptcy in Fort Worth is better if you intend to keep a house or car and are behind on the payments.

Contact us with any Questions

If you have any questions about what you can and can't keep in a Fort Worth bankruptcy, contact Fears | Nachawati and set up a consultation with an experienced Fort Worth bankruptcy lawyer. We maintain office hours 7 days a week and can meet with you in the evenings or on weekends. Flexible payment plans are available.

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We are a Fort Worth bankruptcy Law Firm. We help people file for bankruptcy relief under the Bankruptcy Code.