Practice Areas - Bankruptcy

Bankruptcy - Individuals

Generally speaking, as an individual filing a Chapter 7 Bankruptcy you should be able to keep the following:

  • 1) your house; 
  • 2) most (if not all) of your personal property;
  • 3) one car per licensed driver in the household; and
  • 4) your retirement accounts.

Property that is subject to a lien (e.g. a lien on the title of your car, or a lien on your house) and that you want to keep will have to be paid for either (a) in accordance with the original loan agreement, or (b) in accordance with a reaffirmation agreement executed and agreed upon by you and the creditor holding the lien to the property you want to keep. 

Furthermore, both Federal and Texas laws prevent creditors from making a claim against various types of retirement accounts. 

For a complete list of property that you can keep, we suggest that you come in for a consultation as no two bankruptcy cases are exactly the same.

 


 

Terminology Help

Chapter 7 - Liquidation form of Bankruptcy.

Chapter 13 - Payment Plan form of Bankruptcy.

Chapter 11 - Business and Corporate Reorganization

Businesses - What Happens to My Business in Bankruptcy?

Individuals - What Can I Keep In Bankruptcy?

Other Important Bankruptcy Terms You Should Know.