Have you ever worried that filing for bankruptcy might mean losing everything you own? Many people share that fear, which is why they delay seeking help. In fact, bankruptcy filings rose by 11.5% in the fiscal year ending in June 2025, compared to last year. A significant portion of these cases involve people who could have kept most of their property if they had sought guidance early. Acting too late can put cars, homes, and savings at risk unnecessarily.
Working with an experienced bankruptcy lawyer can be the difference between keeping valuable assets and losing them. An attorney can explain which property is protected by law, guide you through the filing process, and reduce the long-term impact on your financial stability.
This article will discuss how a lawyer helps you protect property, understand exemptions, and file strategically for the best outcome.
Understanding Exemptions and What You Can Keep
The first step in protecting property is knowing which assets are exempt under Texas and federal law. Exemptions allow you to keep certain things even if you file for bankruptcy relief. A knowledgeable attorney helps identify the best exemption scheme for your situation.
Common exemptions include:
- Homestead protection– Texas law allows you to protect your primary residence without a dollar limit, provided it meets size requirements.
- Motor vehicle protection– You can typically keep one car per licensed household member.
- Personal property– Household goods, clothing, and some savings accounts are often protected up to a set amount.
By carefully applying exemptions, a Chapter 7 bankruptcy attorney can help ensure that filing does not mean losing your home, car, or everyday essentials.
Strategic Filing and Timing
When and how you file makes a significant difference in what property is protected. Filing too soon or too late can expose assets to creditors. A bankruptcy lawyer can:
- Review your current debts, assets, and income.
- Recommend whether Chapter 7 or Chapter 13 is more appropriate.
- Time the filing to maximize protections, such as waiting until after certain transactions clear.
This strategy can help reduce the risk of losing tax refunds, bonuses, or other funds you might otherwise forfeit.
Minimizing Long-Term Financial Consequences
Filing for bankruptcy is not just about stopping creditor calls — it is also about setting yourself up for a stable future. With the guidance of a Chapter 13 bankruptcy attorney, you can create a repayment plan that allows you to catch up on mortgage or car payments and prevent foreclosure or repossession. A lawyer also helps you avoid errors that could lead to dismissal or additional financial penalties.
Protect What Matters Most
Are you worried about losing your home or car if you file for bankruptcy? The right legal guidance can help you protect the property that matters most. At the Law Office of Joel Gonzalez, we work with individuals who need to file for bankruptcy relief in Texas and want to safeguard their assets.
Joel Gonzalez is an experienced bankruptcy lawyer who can guide you through Chapter 7 or Chapter 13 filings, explain exemptions, and create a strategy that protects your financial stability. Contact us today to schedule a consultation and take the first step toward relief with confidence.
