While Texas continues to show considerable economic strength, there is some suggestion that financial trouble may be affecting more Texas households now than this time last year.
Using Chapter 13 for certain small businesses
As our blog has discussed on previous occasions, business owners in Texas have several options should they run in to financial trouble. Businesses of significant sizes may be able to take advantage of a Chapter 11 filing, which is primarily designed so that troubled businesses are able to re-organize their affairs.
A review of Texas exemptions from creditors' claims
Like other states, Texas law allows debtors to claim exemptions that allow them to protect their property from creditors' claims. While these are most commonly used in the bankruptcy process, debtors can legally claim them whenever facing the danger of a creditor seizing their property to satisfy an overdue debt.
Overview of the practice of lien stripping in Chapter 13
One of the benefits of a Chapter 13 bankruptcy is that those who are filing it can realistically strip off liens that may be against their property.
