Texas State Exemptions in a Bankruptcy Filing

The Property You Can Keep When You File for Chapter 7 in Texas

Texas State Exemptions in a Bankruptcy FilingWhen you seek to permanently discharge debts in a Chapter 7 bankruptcy petition, part of the deal is that you must turn over to the bankruptcy court certain property that can be sold to satisfy your creditors. You do, however, get to keep some property that is exempt. Federal law has specific exemptions, as does Texas state law. You may choose the state or federal exemptions, but you cannot pick and choose from both. This post outlines what Texas state law allows you to keep. We can help you determine which exemptions—federal or state—will benefit you most.

The Texas Homestead Exemption

Texas has one of the most liberal real property exemptions in the country, allowing an unlimited exemption for any residence of 10 acres or less in an incorporated municipality, or up to 100 acres outside a municipality. The real property exemption applies to each individual. Accordingly, if you file jointly with a spouse, the size of the property exemption doubles to 20 acres or 200 acres.

The Value of Your Car

Your vehicle may be one of the most important items of property you own. Without transportation, it can be difficult to hold down a job that will get you back on your feet financially. The Texas bankruptcy exemptions also recognize this, letting you exempt the entire amount of one vehicle for each household member with a valid driver’s license.

Personal Property Exemptions

The state exemptions allow $50,000 in property per individual ($100,000 for a married couple).

Money Contributed to Retirement Accounts

As a general rule, most retirement contributions are exempt from bankruptcy.

Contact an Experienced Rockwall, Texas, Bankruptcy Attorney

At the Law Offices of Carrie Weir, all potential clients are entitled to a free initial consultation. I am currently communicating with clients by phone, text messaging, and videoconference. To arrange an appointment, contact my office online or call 972-772-3083. I handle Texas personal bankruptcy filings in Rockwall County, Collin County, Dallas County, Hunt County, and the surrounding counties.

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