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As long as the money in your account is protected by an exemption, your bankruptcy filing won't affect it. Your case trustee may want to see some bank account statements as part of their review of your case but they won't contact your bank, instead relying on you to provide the statements.
A Chapter 7 bankruptcy wipes out mortgages, car loans, and other secured debts. But if you don't continue to pay as agreed, the lender will take back the home, car, or other collateralized property using the lender's lien rights.
The good news is that you don't have to hire a lawyer to file bankruptcy in Texas. This guide walks you through each step of the Chapter 7 bankruptcy process and what you can expect along the way.
Examples of nonexempt assets that can be subject to liquidation: Additional home or residential property that is not your primary residence. Investments that are not part of your retirement accounts. An expensive vehicle(s) not covered by bankruptcy exemptions.
While it may feel odd to pay fees to tell the courts you don't have enough money, you typically have to pay court fees to file for bankruptcy. The filing fee for a Chapter 7 bankruptcy is $338, while the filing fee for a Chapter 13 bankruptcy is $313.
Cons of Filing Chapter 7 Bankruptcy A bankruptcy stays on your credit report for up to 10 years. ... You can only file bankruptcy once every eight years. ... You are only allowed a certain number of exceptions. ... The legal process can be daunting and some find it embarrassing. ... Secured debts are dis-chargeable.
More than 95% of all Chapter 7 bankruptcy filers in the United Stateskeep all of their belongings. That's because the law protects certain property ? called exempt property ? from your lenders/creditors.
Yes, it is possible to file for bankruptcy "pro se" - however, this process is extremely difficult and complicated. There is a reason why most people choose to file with the assistance of a legal professional who can help them protect their assets and ensure that all of the necessary forms are properly filed.