Legal Question in Bankruptcy in Texas

Re: Can I file for Ch. 7 bankruptcy without loosing my property.

Short answer -- under Ch. 7 or Ch. 13 it is very likely you will keep your house.

Texas law is extremely generous. There is no limit to the amount of equity in a homestead that a bankruptcy filer can "exempt" (keep in spite of creditors) in Ch. 7 or Ch. 13. In my experience the only issue as to whether to file under 7 deals with whether you are current on your mortgage payments or several months behind. If you are current (or one/two months behind) I would highly recommend you file under Ch. 7 and get complete relief. The process is much simpler -- basically 3 to 4 months instead of 3 to 4 years. READ MY FIRM'S PHILOSOPHY. Everyone deserves a chance to begin again.

If you have not been able to make your mortgage payments and you are several months behind you probably need to file under Ch. 13. In a chapter 13 you will through your attorney propose a plan of reorganization. Basically this plan will take all of the past due mortgage payments and spread them over 36 to 60 months. However, you would need to resume making your regular monthly mortgage payments.

Please call me to discuss your specific situation in more detail. ph. (214) 979-7330 or (800) 303-0720