My family, along with their company, is being sued for nearly $2M. We, along with the company, will have to file for bankruptcy. Does bankruptcy protect some of our cash to live on, and what assets do courts typically expect to be sold off to pay the lawsuit assuming all other debts are paid?
What all is proteced in bankruptcy in TX? If you are being sued, how much cash can you keep after bankruptcy?
http://www.texasbankruptcylaw.com/
Review this site. It will answer a lot of your questions.
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