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.
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.
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.
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.