What are Bankruptcy Exemptions in Texas

: Chris Lee Law Firm

  Filed under: Filing Bankruptcy

exemptionsOnce you have decided to go bankrupt probably the first question you will have for your Fort Worth bankruptcy lawyer is what are you going to be able to keep, and what are you going to lose. Every state has their own rules concerning bankruptcy and this includes the exemptions.

There are also Federal bankruptcy exemptions as well as state exemptions. In Texas, you have the opportunity to choose either the Federal exemption list, or the State exemption list to be applied to your bankruptcy. While you are restricted to only one of these lists, there are some Federal exemptions that are mandatory and will be applied to your bankruptcy even if you choose to go with the State exemption list.

In Texas some of the exemptions are the Texas Homestead Exemption, Texas Motor Vehicle Exemptions and the Texas personal property exemptions. When it comes to your pension and retirement accounts these should be exempt even if you went with the state exemptions. There are additional exemptions but every exemption is dependent on your specific circumstances. For each of these exemptions there are specific criteria that have to be met.

It is highly important that you don’t jump to any conclusions as to what you might lose and what assets you have that may be exempt. You cannot make decision about your bankruptcy based on the outcome of others. Everyone has their own financial issues that must be addressed in their bankruptcy proceedings.

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