Anahuac, TX Bankruptcy Law Firms & Lawyers

This question requires more information to answer, however if you are filing chapter 7 you will need to make sure that the property is exempt. The exemption will depend on if this is used for a business or for personal transportation, if you have equity in the trailer or are making payments, and if you have other assets that you may need to protect. Also, you will need to insure that you can keep up with any payments that you may have.

The bankruptcy law does not provide any guidelines that prevent people from purchasing any property after filing bankruptcy. The bankruptcy law also does not prohibit any creditor from issuing people who filed bankruptcy from financing the purchase of property. However, federal regulations and individual institutional criteria do specify when these organizations can consider people eligible for financing, and you would have to ask them, not an attorney, about their criteria. Not all operate the same way.

When you file for bankruptcy, there are a variety of properties that are exempt from the bankruptcy estate, meaning the trustee cannot seize and sell the property to pay your creditors. In Texas, you are allowed to exempt one car for every adult driver in the family household. Thus, to answer your questions: No.