Use Exemptions to Protect Your Assests
When you file a bankruptcy yes you could lose some assets. Depending on which state that you live you can use either state exemptions or federal exemptions. The exemptions are the allow-able things you can have and file a Chapter 7 Bankruptcy and those things are protected. You can always go into a Chapter 13 Bankruptcy and protect those thing that are not protected, meaning paying an equal amount to the creditors of what the assets are valued at. In Texas you are allowed to use either state or federal exemptions. An example would be your home is paid for, the state exemption would cover the home, two cars for husband and wife and the house whole contents. The boat and the five thousand in stocks you have would be unprotected. If there was no home the cars, boat, and stocks might be protected by using federal exemptions.
If a Bankruptcy is a term being used in your life talk to a Bankruptcy Attorney to see how the bankruptcy laws can help you.
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