For many residents of Texas, bankruptcy is looking like a good option for getting your head above water again. If you’re suffering undue financial hardships, then bankruptcy is an option you can’t afford to miss out on. When you go through the Texas bankruptcy process, you’ll get the relief you need to start living again. And, because of state bankruptcy exemptions, you don’t have to worry about losing everything you own.
Texas Bankruptcy Exemptions
One of the biggest benefits to filing for bankruptcy in Texas is the Texas Homestead Exemption. One of several bankruptcy exemptions, this one allows the homeowner to keep a property that is less than 10 acres in a town, city, or village. For any other regions, that acreage limit goes up to 100.
If this opportunity sounds appealing to you, then there are two things you need to know. One, you can file for the Texas Homestead Exemption yourself. The court can file it for you,. but they will also charge you for their services.
The second important thing to keep in mind is a bit broader in scope. When you file for Texas bankruptcy, you can opt to use either the Federal or the State Exemption Statutes. However, you must pick one or the other. You can’t choose the exemption statues that Texas offers in some situations and the exemption statues that the Federal government provides in others.
If you’re a homeowner thinking about filing for Texas bankruptcy, don’t miss the bankruptcy exemptions available to you!