Articles from Allmand Law

Bankruptcy exemptions help debtors keep some of their property from being seized by the court. In Texas, you may file for exemptions in your homestead, personal property, personal accounts, or vehicles. If you are married, additional exemptions apply. 

“Bankruptcy” is a legal proceeding in which a person who cannot pay his/her bills can get a “fresh start”. In Texas, the bankruptcy code is a federal law, meaning it applies uniformly nationwide. Filing for bankruptcy immediately stops creditors from collecting debts from you until the debts are sorted out through an “automatic stay.” Each state, as well as the federal government, have enacted legislation that dictates what property debtors can keep through the bankruptcy process. These laws are known as “exemption laws”.
Exemption Laws

“Bankruptcy” is a legal proceeding in which a person who cannot pay his/her bills can get a “fresh start”. In Texas, the bankruptcy code is a federal law, meaning it applies uniformly nationwide. Filing for bankruptcy immediately stops creditors from collecting debts from you until the debts are sorted out through an “automatic stay.” Each state, as well as the federal government, have enacted legislation that dictates what property debtors can keep through the bankruptcy process. These laws are known as “exemption laws”.
Exemption Laws

Bankruptcy is the legal process pertaining to people who cannot afford to pay their remaining debts in order to get a chance to a fresh start. The Bankruptcy laws offer unburdens overwhelmed debtors who are unable to pay their outstanding balances and, at the same time, help the creditors get paid from whatever kind of assets the debtor has no need for. Bankruptcies are often used as a last resort but it is not a sure way to solve all your financial problems. It will cover only certain debts that are eliminated when you file for bankruptcy.
What is a Discharge?