Wading through the difficult, complicated procedures and forms that go into a personal bankruptcy is hard on your own and you should definitely look into hiring Fort Worth bankruptcy attorneys. Many people fear that they’ll lose all of their personal property if they file for personal bankruptcy, but Fort Worth bankruptcy attorneys know that that simply isn’t true. With Fort Worth bankruptcy attorneys working with them, it is extremely rare for anyone to lose their house or car. Most people do not lose most of their property due to bankruptcy exemptions.
When you file for chapter 7 personal bankruptcy, the bankruptcy court appoints a trustee to help you liquidate your nonexempt personal property to help pay back your creditors. The trustee cannot attempt to liquidate anything that that has been exempted. There is a federal set of bankruptcy exemptions and, generally, a set of state bankruptcy exemptions.
Many states allow you to use both federal bankruptcy exemptions and state bankruptcy exemptions. Some states require you to choose between using federal bankruptcy exemptions and state bankruptcy exemptions. Several states allow you to use supplemental federal bankruptcy exemptions if you choose to use only state bankruptcy exemptions. A few states opt out of the federal bankruptcy exemption scheme altogether and only offer state bankruptcy exemptions.
The state of Texas requires you to choose between using federal bankruptcy exemptions and state of Texas bankruptcy exemptions. Both federal bankruptcy exemptions and state bankruptcy exemptions for the state of Texas include homestead, wages, tools of trade, and pensions. They differ in the specifics, which Fort Worth bankruptcy attorneys can help you with.
Naturally, you cannot expect to use all of the bankruptcy exemptions which will be available to you. You will only use the federal or state bankruptcy exemptions which apply to your own particular bankruptcy case.
For experienced, knowledgeable and trustworthy bankruptcy assistance, contact the attorneys from www.legalhelpers.com. Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 offices across the country.