When considering bankruptcy you are understandably concerned with what property you may keep. By understanding what exemptions are available to you in a bankruptcy it can help you take the necessary steps to resolve your financial situation.
In Texas, federal and state exemptions are available to bankruptcy filers. On certain exemptions there are some limits but an experienced Texas bankruptcy attorney can help you determine how those limits apply to your case.
Following is a brief explanation of exemptions available to you if you file bankruptcy in Texas:
• Homestead. Your home, if in town, not more than ten acres, if out of town, 100 acres, and 200 acres for families.
• Personal property. Up to $60,000 in value for a family, or $30,000 for single adult and includes: vehicles, livestock, home furnishings, and clothing.
• Trade tools. Includes tools, books, equipment, and vehicles used in your trade, farming vehicles and equipment.
• Wages. Earned unpaid wages/commissions that do not exceed 25 percent of your total personal property exemptions.
• Pensions. Traditional and Roth IRAs (with limits), tax-exempt retirement accounts, and pension and survivor’s benefits.
• Insurance. Most life, health, accident, or annuity policies.
• Public benefits. Unemployment, Workers Compensation, medical and public assistance.
• Other. Alimony and child support, business partnership property, educational savings plan trust accounts.
Understand your exemptions with the help of a Texas bankruptcy attorney
Because in a consumer bankruptcy you are required to turn over your non-exempt assets to the court, it is important to understand your exempt and non-exempt property. An experienced bankruptcy attorney can help you determine what property you may keep. Contact us online or call 972-772-3083 to discuss your bankruptcy needs.
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