America's economy seems to being taking a continuing free fall, including new home foreclosures and layoffs that are reported by the media every day. With this unfriendly economic environment, there should be no surprise in learning that Chapter 7 bankruptcy, Chapter 13 bankruptcy, and Chapter 11 bankruptcy filings are also increasing throughout the country, particularly in Austin, San Antonio and Houston.
People are finding themselves stuck with homes on which they owe more than the structure is worth. Moms and dads are using credit cards to pay for monthly utilities and other living expenses. Billionaire CEOs are asking for bailouts from the federal government to keep their companies afloat and save thousands of jobs. When the decision comes that bankruptcy must be filed, where are many of these people deciding to come? Right here in our good ole Lone Star State of Texas!
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Texas has some of the friendliest bankruptcy laws for people who want to escape their burdensome debt but still maintain a lot of their personal wealth. In fact, no state is more generous in letting you hold onto your own stuff even if creditors are calling from every direction looking for their checks. In Texas, generally you cannot lose your pension, life insurance, annuities, and up to $240,000 per child in a college savings account. Also under Texas law, you can opt to keep a primary residence of up to 10 acres in a city and 200 acres in a rural area and up to $60,000 in personal property.
Combine these lenient allowances with the strong job market as compared to other states (Texas added 229,000 new jobs in the twelve months leading up to November 2008, accounting for 71% of all new jobs in the country) and the Lone Star State becomes an appealing relocation point for those in economic distress.
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