Exemptions You Can Claim when Filing for Bankruptcy in Texas?

When you’re considering bankruptcy in Dallas, Texas, your first step should be to have a bankruptcy attorney review your estate to see if bankruptcy is the best idea for your particular situation. If bankruptcy is a suitable option for you, your lawyer will let you know which assets you may be able to keep by filing an exemption. Generally, when you file for bankruptcy in Texas, you can follow the state statutes or the federal statutes, depending on which best fit your circumstances.

There are several general exemptions in the state of Texas, each with its own qualifiers. For instance, a homestead exemption allows you to retain equity in property that you use as a residential dwelling as long as it does not exceed one acre in a town or city or 100 acres in a rural area—200 acres if you have a family. How these exemptions and qualifiers may apply to you is something your bankruptcy attorney in Dallas can thoroughly explain to you as they apply to your circumstances.

Other general exemptions allowable by Texas law include furniture, heirlooms, two firearms, one car per licensed driver in the family, sporting equipment, and other property equaling not more than $30,000 in value ($60,000 for families). Tools of your trade, pensions, insurance, unemployment benefits, public assistance, veteran’s benefits, and other public benefits may also be exempt. A Dallas bankruptcy lawyer can guide you in possible exemptions when bankruptcy is looming and you want to minimize your losses.

When you need a bankruptcy attorney in Dallas who will diligently work for your best interests, you need the Law Firm of Warren & Migliaccio. Attorney Christopher Migliaccio is committed to helping clients get back on track. With a philosophy of accountability and responsibility, your lawyer will work with you personally to achieve a fair resolution. From their Richardson office, Warren & Migliaccio, L.L.P offers quality legal services and counseling to clients in North Dallas, Plano, Addison, Farmers Branch, and Collin and Dallas counties. Contact Warren & Migliaccio today, toll free, at 888.584.9614. You can also visit on the web at wmtxlaw.com.