There are several ways that your property can be protected in a bankruptcy. This is one of the reasons why it is important to rely on the services of an experienced bankruptcy attorney. You need to know what your rights are under this form of debt relief and make sure they are properly represented.
When it comes to the laws of bankruptcy there are both Federal and State laws that must be followed. Within these there may be the wildcard exemption which is going to be important to you. This is one means of potentially being able to allow you to keep some of your property. The exemptions that will be included in this will depend on what State you are living in.
There are different types of property exemptions in the bankruptcy act. Most of them are specific as to what type of property they pertain to. In the wildcard exemption it can cover several different types of property. The Federal bankruptcy regulation includes a wildcard exemption that amounts to $1,225 and added to this can be anything that is left over from the Federal homestead exemption. The laws of your State will then determine if you can make use of this exemption or not. Your Dallas bankruptcy lawyer will explain this in greater detail to you.