A lot of people file bankruptcy these days. It is no longer the taboo subject people are afraid to approach. The fact is, with more people taking financial risks, it is possible for someone to end up filing bankruptcy. The thing is to find an attorney who will have the experience and skill to assist an individual during the bankruptcy process. There is a law firm that offers bankruptcy law assistance in Keller, Texas. Here are some of the things people interested in filing bankruptcy should know about the laws.
There are two major types of bankruptcies that individuals file: chapter 7 and chapter 13. In the first bankruptcy type, the individual erases all debt that is able to be removed and gets a fresh start. This is the one many people may try to qualify for. The latter bankruptcy is a reorganization of the debt. The individual gets a period of time to repay the debts–usually three to five years. In this bankruptcy, the individual gets to keep the home, their car, and other possessions. However, they must be brought up to current payments.
Texas has generous laws when it comes to filing bankruptcy. Whereas in a chapter 7 bankruptcy, in most states the individual loses the home, in Texas the house may be exempt. The property cannot be used to cover other debt. In addition, the individual gets to keep one automobile and up to $60,000 worth of property for a family. The individual’s wages are 100 percent exempt as well. In addition, certain health aids and books of a religious nature are also protected. For an individual or family to see how best to file bankruptcy, an attorney should be consulted.
The Law Firm of David S. Kohm has been providing legal solutions for clients in the Keller, Texas, area for more than 27 years. The law firm helps clients who have been in automobile accidents and those going through bankruptcies. Potential clients can contact the law firm 24 hours a day, seven days a week, for an initial free consultation. If any individuals or families are interested in bankruptcy law assistance in Keller, Texas, this law firm is available.
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