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If you're in a tough financial spot, there's only one way to know whether bankruptcy is right for you or not: you need information about your options.

Whether you're dealing with unemployment, foreclosure, or a medical emergency, U.S. bankruptcy law may help you defy your debt while protecting your property from creditors.

A Texas bankruptcy attorney can provide the answers your bankruptcy questions to help you decisions about your financial future.

Simply fill out the free bankruptcy evaluation form below or call 877-833-2410 now, and we'll connect you with a Texas bankruptcy attorney for a free, no-obligation consultation.

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Bankruptcy in Texas

Texas is considered one of the most debtor-friendly states. While bankruptcy is a federal law, each state creates its own exemptions—property that cannot be taken by the bankruptcy court or creditors. Texas bankruptcy exemptions include:

  • Homestead: The full value of your primary residence - 10 acres in a town or city, up to 100 acres outside of a town or city (double for head of household).
  • Wages: 100 percent of wages and commissions.
  • Automobiles: Full value of one automobile.
  • Personal Property: Up to $30,000 in any personal property for single adult, up to $60,000 in personal property for family (automobile exemption is included in this amount). 100 percent of health aids and religious books.

These exemptions only apply to those who file Chapter 7 bankruptcy, the most common form of bankruptcy in Texas.

In a typical Chapter 13 bankruptcy, the other main type of personal bankruptcy, all property may be protected by the courts. This makes Chapter 13 a popular option for filers with multiple homes, cars, or other valuable assets.

In order to file for Chapter 7 bankruptcy, you must meet the eligibility requirements of the Chapter 7 means test, which compares your household income to the median for a Texas household of the same size. Chapter 13 is available to those people whose secured and unsecured debts are under a certain amount required by law.

Which bankruptcy is right for you? It depends on the types of debts you have and how much. Chapter 7 is often used for those with credit card debt or medical debt, while Chapter 13 is typically used to stop foreclosure and repossession. Ask a Texas bankruptcy which chapter may be right in your situation.

Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local bankruptcy lawyer.

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