0

Liquidation

By J. C. Bailey III

As I presented a young couple with some of their financial options the other day the option of filing a Chapter 7 Bankruptcy was discussed. The term “liquidation” is used to differentiate a Chapter 7 from some other options and for some reason the word stuck in my throat. In Texas we have a long tradition of protecting our citizens from being stripped to the bone during the course of financial crisis. The term I used could easily be interpreted as meaning that this couple would have to surrender their house and cars along with personal effects and furnishings. THIS IS NOT THE CASE. Numerous exemptions allow property to be protected under the Bankruptcy code and allow you to get a FRESH START. Don’t let misinformation or frightening words force you into bad decisions. Get advice from a knowledgeable experienced professional who is on your side.