I Can’t Pay My Bills but I Want to Keep My Stuff

Maybe you can’t pay your bills right now? Maybe you had an emergency that set you back? Or credit cards piled up? No matter what your situation, bankruptcy may be able to help you. And best of all, in many cases, you won’t have to give up your property.  

Chapter 7

As discussed on the Chapter 7 page of this website, a Chapter 7 Bankruptcy is also called a liquidation bankruptcy. A bankruptcy trustee will decide whether he/she can sell any of your property to pay creditors. However, in Texas exemptions allow you to keep some, if not all, of your property. Here is a short list of property that you may be able to exempt:

1. Equity in your home
2. Personal property including firearms, family heirlooms, household furniture
3. Vehicles up to a certain amount
4. Work-related items
5. Retirement benefits
6. Unpaid Wages
7. And many other assets

Chapter 13

If you have more property than what can be exempted in a Chapter 7 Bankruptcy, you may want to consider a Chapter 13 Bankruptcy.  In Chapter 13 Bankruptcy you can keep all of your property so long as you repay your creditors over three to five years. However, the downside to Chapter 13 Bankruptcy is that you have to be able to keep up with the repayment plan as well as continue paying the current payments.

If you can’t pay your bills Contact us to help you determine if filing for Bankruptcy is right for you.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.