What Debts Cannot Be Eliminated by Bankruptcy?
Experienced Houston bankruptcy lawyers know the ins and outs of Texas bankruptcy laws and can help you understand how they will affect your case. Chapter 7 bankruptcy is most commonly used by individuals who see no way out of paying off their debts and are looking for a fresh financial start. This type of bankruptcy involves the liquidation of assets in order to pay off debts.
Fortunately, because of generous Texas bankruptcy laws, most, if not all of your personal property may be considered exempt. This means the property will remain rightfully yours and will not be liquidated in the bankruptcy. The remaining debts, if any, will be discharged and you will have the chance to start over financially.
However, certain debts are protected by law and cannot be discharged even in bankruptcy. Property that is considered non-exempt in a Chapter 7 bankruptcy includes the following:
- Child support
- Alimony
- Taxes
- Almost all student loans
- Domestic support and property settlement negotiations
- Debts incurred from death or personal injury caused by operation a vehicle while intoxicated or under the influence of drugs
- Debts incurred to pay non-dischargeable taxes
- Debts incurred from fraud or purposeful injury to others
- The majority of fines, forfeitures, and criminal restitution obligations
While the federal government determines bankruptcy law, each state defines bankruptcy exemptions. A Houston bankruptcy attorney who focuses on bankruptcy law can help you minimize your debts and classify your property in order to retain as much as possible. Mr. Beustring will fight on your behalf to protect your rights and assets.
Contact us today
Russell Van Beustring is Board Certified in Consumer Bankruptcy Law by the Texas Board of Legal Specialization, and is a frequent speaker for both the American and Houston Bar Associations. He concentrates his practice on helping clients with Chapter 7, Chapter 11, and Chapter 13 bankruptcy cases. To find out how we can help you or your business file for bankruptcy while retaining as much property and assets as possible, contact us today for a free consultation online or by calling (713) 973-6650.
