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  1. Bankruptcy myth 3: You will lose all that you own

    by , 11-02-2011 at 09:57 PM
    That’s crazy, especially because you live in Texas. The laws that protect property are called “exemption laws” or “exemptions”. Bankruptcy is supposed to give you a fresh start and the idea behind exemptions is that it’s pretty difficult to start over without things like clothing, a home and transportation. Generally, simply by living in Texas, you can protect an unlimited amount of equity in the home that you live in. You can also have up to $30,000 worth of personal belongings ($60,000 if you ...