You should be aware of the bankruptcy exemptions in your state if you are filing. When you file for bankruptcy, your assets may be sold in order to pay off creditors for the amount of debt you owe. Each state has different laws as to the types and amounts of assets that can be excluded from sale, though. There are also federal bankruptcy exemptions that you can choose to use as well. If you aren’t sure which exemptions apply to you or whether you should use an exemption, ask your bankruptcy attorney.
House and Vehicle Exemptions
Texas allows an unlimited exemption for homesteads. The home must be on less than 10 acres of land in the city or less than 100 acres in the country (200 acres for family). If the house is sold, a six-month exemption applies to the proceeds. For vehicles, Texas allows one vehicle to be exempt per licensed driver in the household. If a person in the family is unlicensed but depends on someone else to operate the vehicle, that vehicle can be exempt as well.
Other Exemptions and Exemption Value Limit
Exempt personal property includes jewelry, furniture, athletic equipment, up to two firearms, clothing, food, religious works (such as Bibles), and health aids (canes, wheelchairs, etc.). Certain types of livestock may be exempt as well. What’s more, domestic animals may be exempt, too.
Your personal property exemptions must fall below a certain amount. If your total property exceeds this limit, then not all of it may be exempt. For a single person, the maximum allowable exemption is $30,000. For a family, it is $60,000 of personal property.
Consult Texas Bankruptcy Attorneys Warren & Migliaccio
If you are considering bankruptcy, learn about your rights to retain certain assets. Contact the law offices of Warren & Migliaccio, L.L.P for legal representation. We are Texas bankruptcy attorneys who can evaluate your case and see for which exemptions you may qualify. Contact us today at 1-888-584-9614.