What Can I Keep
Protecting Your Assests
Bankruptcy can protect many important assets from creditors. It all depends on the exemptions – those items excluded from the bankruptcy estate. The trustee may not touch (and therefore sell off) exempt items to pay off a creditor. In Texas, it also depends on whether you file for bankruptcy under the Federal scheme or the State scheme. They are very similar, but dissimilar in a few important ways. In a broad sense, you should be able to save your:
- cash (up to a certain amount).
- qualified retirement plans.
- tool of your trade.
All are subject to allowances and limitation. At the Law Office of Bennett Cunningham, P.C., we know how to maximize your exemptions, so that you can keep the things which are most important to you and your family. It is best to speak with us to determine how to file and present an accurate financial picture, in order to accomplish your goals.