Below is a list of some of the available Texas bankruptcy exemptions . This list only identifies a small fraction of the exemptions available in Texas and there are many exemptions (such as retirement accounts, life insurance, and trade tools) that are not listed and may be beneficial to you. Talk to a qualified Texas bankruptcy attorney in your area to have all the available exemptions explained to you. Only a Texas bankruptcy attorney can properly list and explain all of the applicable exemptions offered in Texas.
The State of Texas has both federal and state bankruptcy exemptions available for those filing bankruptcy.
There is property that you can exempt or protect from creditors when you file bankruptcy. You have the option of utilizing the state or federal exemptions. After filing for bankruptcy, this property is safe. Be aware that there are certain debts, which you will not be able to erase in bankruptcy. These are non-dischargeable debts.
There are some limits on certain exemptions such as equity that you have in a home or in a vehicle. The difference between the cost of the item and the amount owed on the item is the definition of equity. If the item, such as home or vehicle, secured by a loan and payments are made on time, the equity is protected by your exemptions. A debtor must generally pay the trustee the value of the non-exempt property to keep the property. If you choose to keep the property, continual timely payments ensure that the property is protected through the bankruptcy.
This is a list of some of the available exemption in the State of Texas. You can obtain and more detailed list of exemptions by contacting a qualified Texas bankruptcy attorney in your area. They will be able to list and explain all of the state and federal exemptions. There is certain property, which is excluded or exempt that the debtor can keep based on their specific situation and personal income.
The best way to determine which exemptions to utilize is to meet with a qualified and proven bankruptcy attorney which can evaluate your individual case and guide you through the process. Contact an attorney today.
See the State Bankruptcy Exemptions page of this site to see some basic information about the federal bankruptcy exemptions available to Texans who file bankruptcy.
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