Bankruptcy is a fresh start, one that may come at the price of leaving some properties and assets behind. But there are some things vital to a happy and healthy life that can be preserved.
- What is Chapter 7 bankruptcy?
Chapter 7 bankruptcy is similar in most states in the sense that it turns over a person's assets to a trustee, who uses the proceeds to settle as many debts as possible. This process is often called liquidation. There are often exemptions from the process, such as primary residences and cars, which people need to keep their ability to earn income.
- How is bankruptcy different in the Lone Star State?