Assistance from a San Antonio Bankruptcy Lawyer

Before you file for Chapter 7 bankruptcy, it is important for you to be aware of what the bankruptcy exemptions are for your state. These exemptions tell you which of your assets (and to what value) are protected, or “exempt,” from liquidation under bankruptcy law. Liquidation occurs when the bankruptcy trustee sells off certain assets of the debtor and uses the funds from the sales to repay some of the debt that is owed to the creditors. There are many debtors who find that most or all of their assets are covered under the bankruptcy exemptions, which means they have little or no property that is at risk of being liquidated. These types of debtors have the least to lose from the Chapter 7 bankruptcy process. Bankruptcy exemptions can also be used to lower the amount of money that debtors are required to repay creditors in Chapter 13 bankruptcy.

Once you come to my firm, I can help you review the state of Texas’ bankruptcy exemptions and determine what your exempt and non-exempt assets are. It is crucial that you are properly informed of these facts before you file for bankruptcy, as you need to be made fully aware of any property you could be at risk of losing in bankruptcy. I am a highly experienced San Antonio bankruptcy attorney who can guide you through each step of the bankruptcy process!

What are the bankruptcy exemptions in Texas?

When you file for bankruptcy in Texas, you can decide whether you want to use the federal government’s bankruptcy exemptions or the state’s exemptions. Here are a few of the many exemptions that are available under Texas law:

Homestead–unlimited amount for a home located on 10 acres or less in urban locations; unlimited amount for home located on 100 acres or less in rural locations (or if the property is home to a family, 200 acres or less); for the sale of a home protected by this exemption, the proceeds of the sale are considered exempt for six months

Motor vehicle–full value of one vehicle for every licensed household member; also applicable to unlicensed household members who depend on others to drive their vehicles for them

Personal property–up to $30,000 of personal property for a single adult, or up to $60,000 of personal property for a family; personal property includes things like firearms (only up to two), Bibles or other religious books, food and clothing, animals, jewelry, tools of trade, etc.

Insurance–health, life, accident or annuity insurance benefits; Texas employee uniform group insurance benefits; Texas public school employees’ group insurance benefits; etc.

Retirement/pension accounts–most tax-exempt retirement and pension accounts, as are many other types of retirement and pension accounts

Once you contact my firm and schedule a free case evaluation, I can provide you with the information you need concerning your exempt and nonexempt assets. Contact my firm today!