Filing for Bankruptcy in Texas
What Can You Keep If You File for Bankruptcy?
Any individual who files for bankruptcy can file for bankruptcy exemptions. An exemption in bankruptcy allows a debtor to keep certain property or assets even after bankruptcy is filed.
The exemptions are defined by statute, and exempt property cannot be seized or sold to satisfy the debts of the person filing for bankruptcy. Texas residents who file bankruptcy may follow either the Texas statute or the federal statute when claiming exemptions.
Exemptions are available for chapter 7 and chapter 13 bankruptcy filings, but the exemptions vary from one state to another. You should consult an experienced bankruptcy lawyer to understand whether bankruptcy is right for you and which exemptions you should elect.
Dallas – Fort Worth – South Texas Bankruptcy Lawyer
With multiple offices, Bailey & Galyen provide experienced bankruptcy representation and sound advice regarding bankruptcy and bankruptcy exemptions to clients throughout Texas.
Texas Bankruptcy Exemptions
The following exemptions are allowed under Texas bankruptcy laws:
- Homestead (equity in dwelling used as residence)
- Property cannot exceed 1 acre in a town, village, or city or 100 acres elsewhere (200 acres for families)
- Unlimited value in property
- Personal property
- Up to $30,000 in value (double for families) and includes:
- Home furnishings
- Family heirlooms
- Sporting equipment
- 2 firearms
- 1 automobile per driver in the family
- 2 horses, mules, or donkeys
- 12 head of cattle, 60 head of other livestock, 120 fowl, and pets
- Tools of the trade
- Farming vehicles and equipment
- Church benefit plans
- Life, health, or annuity benefits
- ERISA qualified benefits needed for support
- State, county, district, and municipal employees (including police and fire fighters)
- IRA’s needed for support
- Public benefits
- Worker’s compensation
- Public assistance
- Social security
- Veteran’s benefits
At Bailey & Galyen we provide skilled legal representation to indiviuals across the State of Texas including the Dallas-Fort Worth communities of Arlington, Bedford, Dallas, Fort Worth, Irving, Grand Prairie, Mesquite Texas.
Filing For Bankruptcy
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