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Assets Exempt from Sale in a Dallas, Texas Chapter 7 Bankruptcy

Post by Christopher Migliaccio Leave a Comment

Chapter 7 bankruptcy involves the sale – or liquidation – of a debtor’s assets in order to repay creditors. There are certain belongings that will be exempt from this sale, which fall under real property exemptions and personal property exemptions. To find out more about your financial standing during the Chapter 7 process, seek a bankruptcy lawyer.

Real Property Exemptions

There are 2 types of real property holdings under Texas law that are exempt from sale, although they are still subject to liens: 

  • one or more cemetery plots; and
  • urban and rural homesteads, including any improvements made on the land.

Personal Property Exemptions

Certain personal belongings may be exempt, provided the fair market value of the items does not exceed $60,000 for a family or $30,000 for a single individual: 

  • home furnishings;
  • food provisions;
  • farming equipment;
  • motor vehicles, tools, or other equipment used for a profession;
  • clothing;
  • 2 firearms;
  • livestock; and
  • household pets.

Regardless of value, there are personal possessions that fall under an unlimited exemption type: 

  • current wages owed by an employer to the debtor;
  • financial support, such as alimony, provided for the debtor or to their dependents; and
  • professionally prescribed health aids, such as a wheelchair.

A Bankruptcy Lawyer Can Help

The law offices of Warren & Migliaccio have specialized in bankruptcy law since 1994. When dealing with debt collectors, consumers could be faced with organizations that may attempt to take advantage of their rights and property. The team at Warren & Migliaccio will work with you to devise the best strategy to recoup your financial freedom. For a free consultation, call 1-888-584-9614 today.

Categories: Bankruptcy Tagged: Bankruptcy

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Practice Areas

  • Plano & Richardson, Texas – Bankruptcy Lawyers
  • Chapter 7 Bankruptcy Attorney
  • Chapter 13 Bankruptcy Lawyer
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  • Spousal Support
  • Personal Injury

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3600 Shire Blvd #205
Richardson, Texas 75082

(972) 600-2680

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10440 N Central Expy #800
Dallas Texas 75231

(214) 556-1038

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4.7
Warren & Migliaccio, L.L.P.
Warren & Migliaccio, L.L.P.
4.7
Angela MyLife
Angela MyLife
15:02 07 Jun 17
We worked with Chris and other staff. Chris from the start really worked with us as we were unsure what to do next and what was the best option for us. Chris spent a great deal of time with me on the phone, over email as well as meeting with my husband and I in his office. It can be scary to have the unknowns as we did and he really helped. When dealing with things you just don't know about you have to find someone you can trust to lean on and let them handle it; you can't be an expert on everything. The staff were so helpful and there was never a question on what we needed to get them or needed to do during the process. We were prepared 100% for what was to come and even months after the staff was quick to follow up to make sure that we did not have any questions or have anyone contacting us. They even helped figure out the 'what next' and 'where to go from here' that comes up. I would recommend them to anyone finding themselves facing financial struggle and trying to decide what to do. They give a free consultation over the phone or in the office; worth the call to find out your options.
Emma Radcliff
Emma Radcliff
21:41 02 Jul 16
I recommend Warren and Migliaccio to anyone who like myself, had no idea of what to do next. They were open and honest to me about my bankruptcy. They took time and explained the whole process to me beforehand. I was treated I'm sure, as their more prominent clients even though I'm a single senior with a limited income. They helped me maintain my dignity and I'm sure my sanity too.
Richard Parker
Richard Parker
23:23 27 Jun 16
I worked with Chris Migliaccio to resolve a debt matter. He is a professional and knowledgeable attorney that was easy to work with. He has excellent negotiation skills. I highly recommend him.
Jodi Wiethorn
Jodi Wiethorn
14:54 15 Oct 15
I would strongly recommend anyone needing a family law attorney use this office. The staff is so friendly, helpful, and knowledgeable. Gary Warren and Ryan Bauerle were the ones that helped me with a very rough child custody case and they were absolutely amazing. They are very nice guys but they will fight for you!!! I am truly happy that I used them for the case, I could not have asked for a better attorney! Ryan helped me and my husband so much and explained everything so well to us! I can't thank them enough for all they did for me and my family! So anyone please take my advice, if you need a family law attorney give Ryan a call!!!
Sandy Thomas
Sandy Thomas
01:17 03 Feb 15
Everyone in this attorney's office was wonderful! We had one matter that we needed assistance with last year, but they were not able to assist us with it, however Christopher Migliaccio was kind enough to provide us with a list of attorneys who would be able to help. Over the last couple of weeks, we decided to update our wills and powers of attorney and it could not have been any easier to do. They made it so we only had to make one trip to their office to take care of everything. If we need anything else, I would be most happy to do business with them again!
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Warren and Migliaccio, LLP
Warren and Migliaccio, LLP
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Angela H.
Angela H.
2015-07-13 09:17:49
They work with the little man. Mrs. Doss is very kind and understanding. She gives her all. Mr. Chris loves helping others and does his job to ensure...
Maria R.
Maria R.
2014-06-12 09:05:00
I searched for a local attorney on Google to prepare some Estate Planning documents and I came across Warren and Migliaccio, LLP. I called the number...
Lauren A.
Lauren A.
2014-07-28 14:15:41
Ryan Bauerle, and everyone at Warren & Migliaccio are top tier attorneys. Ryan is expedient, professional, courteous, and when the situation warrants, a...
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