Land of Rugged Individualists, and Deadbeats
Deadbeat Homeowners Flee to Texas, Tap Bankruptcy Laws to Dodge Creditors
``Texas is an extremely friendly place to live if you owe money and do not want to pay,'' said Marjorie Britt, a bankruptcy attorney with Britt & Catrett PC in Houston. ``If you have a lot of money and even more debt and want to shelter your assets, you can live fairly normally.''
Distressed borrowers can hang on to luxury cars, a primary residence, paychecks, retirement accounts, and even jewelry that creditors might claim elsewhere, Britt said.