Bankruptcy Exemptions Protect Assets

: Chris Lee Law Firm

  Filed under: Bankruptcy Exemptions

A common fear among debtors considering bankruptcy is the idea of losing assets. This concept is often generated by a myth, and is misleading. While some of your nonessential assets could be used to satisfy debts in a Chapter 7 case, there is no guarantee of such. In fact, Texas bankruptcy laws offer a wide range of protection through exemptions.

Keeping Your Property

Texas is one of the most debtor-friendly states in the U.S. when it comes to bankruptcy exemptions. Offering debtors a broad base for protecting essential assets, like a house and car, there are even ways to protect many nonessential luxury items as well. While not everyone may qualify for the full amount of exemptions, the majority of Texas debtors can enjoy protections of:

  • Up to $30,000 of personal property (for single debtors), $60,000 (for married debtors)
  • A home of unlimited value of up to 1 acre (within city limits), 200 (acres outside city limits)
  • Home furnishings, appliances, clothing and jewelry (may not exceed 25% value of total allowance)
  • One motorized vehicle (per licensed ┬ámember of the family), all farm or ranch vehicles
  • Business related equipment, tools of the trade
  • Retirement, 401(k) and Social Security Benefits

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