Texas Bankruptcy Laws

Locate a Texas Bankruptcy Attorney

If you reside Texas and are thinking about filing bankruptcy a Texas bankruptcy attorney will review all of your options with you.

Learn, with the help of a Texas bankruptcy attorney, whether filing Chapter 7 or Chapter 13 bankruptcy is the right path for you.

For an appointment with a local Texas bankruptcy attorney simply fill out the form on this page.

Bankruptcy Law and Texas Exemptions

In your first appointment with your Texas bankruptcy attorney you will go over all of the key differences from Chapter 7 and Chapter 13 bankruptcy.

In this appointment your Texas bankruptcy attorney will ask you many personal finance questions or provide you with a profile sheet to list certain financial details. The answers you provide will help you and your attorney in deciding if filing Chapter 7 or Chapter 13 bankruptcy is the appropriate step for you.

Chapter 7 bankruptcy is also called liquidation as the bankruptcy trustee may choose to sell or auction non-exempted property (see State Exemptions list below).

Still, in most of Chapter 7 bankruptcy cases, the debtor filing bankruptcy does not own non-exempt property, so this would not apply to most filings. If you do not own much property or have many assets Chapter 7 bankruptcy may be the best choice, since you are allowed to discharge most unsecured debt.

Before filing Chapter 7 bankruptcy please review your finances with a Texas bankruptcy attorney to figure out exactly how much property may be exempt from liquidation.

Texas State Exemptions

Homestead

The full value of your home. Homestead is limited to:

1. 200 acres for a family outside a city or town.
2. 100 acres for a single adult outside a city or town.
3. 10 acres for anyone in a city or town.

Wages

100 percent of your wages and personal commissions.

Automobiles

Full value of one automobile. Note: This value counts towards the $60,000 cap on personal property exemptions.

Personal Property

1. Up to $60,000 worth of any personal property, including car, for a family.
2. Up to $30,000 worth of any personal property, including car, for a single adult.
3. 100 percent of certain health aids and religious books. This exemption doesn’t count towards the total value cap.

Chapter 13 Bankruptcy is also known as “reorganization”. Individuals filing Chapter 13 may own more property and by filing Chapter 13 may also keep most of their assets.

In Chapter 13 bankruptcy, the filer prepares a proposal for a repayment plan for a term of 3 to 5 years, which must be approved by a bankruptcy court. This agreement allows the filer to repay outstanding bills.

Speak With a Texas Bankruptcy Attorney Today

Have you ever thought of filing bankruptcy in Texas but have not because you did not know where to start or felt the process was too complex for you?

To ease all concerns about bankruptcy laws, a Texas bankruptcy attorney will be able to help you through the bankruptcy process in common sense terms. When you meet with a Texas bankruptcy attorney you will also be able to have many of your questions and concerns answered in the first consultation.

Take the aggravation out of finding a Texas bankruptcy attorney your self. Just fill out our bankruptcy questionnaire on this page and we will direct you to a Texas bankruptcy attorney in your area.

Note: This is not legal advice. All bankruptcy laws in any state need the consult of a bankruptcy attorney licensed in that state. Consult a local attorney if you are seeking legal advice. Some or all bankruptcy laws may have changed since this page was created.

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