Falling deep into debt can be a difficult situation to overcome. Some people seem as if they have a natural-born ability to manage their finances, while to others is may feel like a concerted effort is required to accomplish even the most basic of financial tasks. I know there are situations that can occur in life such as the death of a loved one, a divorce, health issues, the loss of a job and other unforeseen circumstances which can make it all but impossible for an individual to fulfill his or her prior financial obligations. I also know there is no shame in asking for help.

If you are facing extreme debt and falling behind on mortgage payments has left you on the brink of foreclosure, you need to act quickly. Bankruptcy may be able to help, however failing to take immediate action could eliminate any chance you have of being able to keep your house and other assets. The state of Texas has an exemption system which can allow individuals who are filing for bankruptcy to exempt the total value of their home. While there are certain limits to the size of property and the acreage allowed in this homestead exemption, in most cases it will help a homeowner keep his or her home following a bankruptcy discharge.

If you own a house or condominium, you have a swimming pool, barn, stable, water tower or any other improvements have been made to your primary residence, all of these items may be eligible for exemption. To determine if your house qualifies under the state’s homestead exemption, call my firm and ask for San Antonio bankruptcy lawyer Rick Flume. I will be able to answer any questions you may have and help you determine if filing for bankruptcy can help you keep your house.