What are the rules for filing bankruptcy in Texas?
Because the Bankruptcy Code is federal law, the procedures for filing bankruptcy are the same regardless of the state in which a debtor lives. A bankruptcy case is initiated by filing the bankruptcy petition and schedules and paying the federally mandated filing fee. Additionally, all Chapter 7 and Chapter 13 debtor must complete pre-bankruptcy counseling no more than 180 days before filing. The Bankruptcy Code allows a debtor to preserve certain property deemed necessary to facilitate a fresh start by claiming it as exempt. Exempt property is protected from the reach of the bankruptcy trustee and creditors. It’s important to note, however, that the exemptions available to a debtor vary depending on the state in which he lives. A debtor filing for bankruptcy in Texas may claim either the federal or the state exemptions. The Texas exemptions are more favorable to affluent debtors while the federal exemptions are more beneficial to debtors with limited assets. Chapter 7 and Chapter 13 de
