Not unless you want to. People who reside in Texas and need to file for bankruptcy are very fortunate. The State Exemption for your homestead is almost unlimited, and the other exemptions for your assets are very generous as well. In addition, if your vehicle is grossly upside down compared to the value and what you owe for it, you may have the option to do a cramdown and only pay what its worth and not what you owe. This can potentially save you thousands of dollars. Remember, the bankruptcy laws were enacted to help you. In most cases, we are able to wipeout all of your unsecured debts (credit cards, medical bills, signature loans, etc) and allow you to only pay the secured debt (home, car, etc.) you want to keep.
Our job is to relieve you of your debt burden and help you get a fresh start. Find a
bankruptcy lawyer that can help!
The best way to understand this is to call our office for a FREE consultation at 817-268-2468 or visit our website at www.FtWorthbankruptcy.com.
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