Busby & Associates Providing a Professional View on Chapter 7 Bankruptcy Exemptions

​​​Busby & Associates is a law office specializing in family law and bankruptcy. Founded by an attorney with over 17 years of experience, Michael G. Busby Jr., the law office is a BBB accredited business and has 10 AVVO ratings for family and bankruptcy advocacy.

Its attorneys have extensive experience, appropriate qualifications, and commendable track record that can inspire trust even in the most discerning of individuals. Moreover, Busby & Associates’ has the ability to pursue each case with purpose, professionalism, and compassion. Busby & Associates provides professional insights into what chapter 7 bankruptcy exemptions are and what the layman needs to know about it.

While talking about the bankruptcy exemptions, a lawyer from Busby & Associates stated, “When you file bankruptcy, an estate is created that is made up of everything you own at that time of filing. It also includes anything you are entitled to for example an inheritance or tax refund you have not yet received. The trustee then sells all estate property to repay your creditors. This is basically how chapter 7 bankruptcy takes place. Further to that, the trustee is paid a commission for making payments to your creditors so you will not need to directly pay the trustee.”

Texas exemptions include examples such as homestead exemptions which allow for a residence of 10 acres in the city or 100 acres in the country however, there is a provision which makes it 200 acres for families; where the individual decides to sell his/her homestead, the funds received from that sale are exempt from the bankruptcy 6 months after the sale.

When asked where the exemption falls into the picture, the lawyer stated, “Exemptions help determine which property you get to keep, they are a way in which you get to keep a certain amount of your assets safe during the bankruptcy process. Exemptions do not protect all of what you hold, but protect specific types of property; like motor vehicle, wedding ring, an entire value of an asset or a certain dollar value amount of an asset or property. Furthermore, these exemptions have provisions that must be followed. Therefore, the trustee cannot sell any assets or property that is exempt by law. The exemptions are provided by both federal and state laws, however in Texas an individual has a choice between federal exemptions and state exemptions; one cannot use both.”

Busby & Associates ensures a seamless experience. The seasoned attorneys can be of great help with issues, such as adoptions, termination of parental rights, collecting back child support or spousal support, in addition to terminating wage withholding for overpaid child support, nuptials agreements, annulments and suits to declare the marriage void. Individuals who want to know more about Chapter 7 Bankruptcy exemptions have to look no further as there are experienced professionals who can give them proper guidance.

About the Company:

Busby & Associates is a law firm of renowned professionals who have vast experience in Chapter 7 bankruptcy and exemptions. If you are looking for Texas bankruptcy exemptions contact Busby & Associates for advice and assistance. Since Busby & Associates’ attorneys are easily accessible, the clients need not go through a lengthy process to talk to an attorney.