July 7, 2020 By:
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.
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.
The state exemptions allow $50,000 in property per individual ($100,000 for a married couple).
As a general rule, most retirement contributions are exempt from bankruptcy.
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.