What Can I Keep? Bankruptcy Exemptions | Lewisville Lawyers
Considering Bankruptcy?
People considering financial relief options must consider a variety of factors before deciding that bankruptcy is the way to resolve overwhelming debt. Our clients commonly have important questions about the bankruptcy process, including:
- Do I have to be broke to qualify for bankruptcy?
- Will I lose my house, car or other valuable possessions?
- How will I reestablish credit after bankruptcy?
- What can I keep if I file bankruptcy?
Application of property exemption provisions under U.S. bankruptcy laws and Texas property statutes will help determine the answer. Talk to a Texas bankruptcy attorney to schedule a no-obligation consultation at our Lewisville, Texas, office.
Generally, for individuals who have lived in Texas for two years, exemptions include the following:
- Equity in the homestead
- Home furnishings worth up to $30,000
- Jewelry and heirlooms worth up to $7500
- Tools of a trade
- Sporting equipment
- Guns and bicycles
- A motor vehicle for every member of the household who depends on a car
- Household pets and animals
- Social Security benefits
- Retirement accounts
What is not exempt?
- Child support: If you pay child support, bankruptcy will not wipe out your obligation. If you receive or are owed back child support, that amount of money is exempt.
- Back taxes owed: Bankruptcy will not wipe out these obligations.
An experienced bankruptcy lawyer can advise you on the particular items you may be concerned about. In most cases, bankruptcy filers keep the equity in their homes and household goods. Whether you keep your car or not may depend on facts specific to your circumstances.
Get honest and direct answers to your questions about bankruptcy and exemptions in your situation. Call 972.315.6222 to arrange for a free initial consultation to discuss your legal question with Texas bankruptcy lawyers who are prepared to advocate on behalf of your best interests and your rights.
We are a debt relief agency. We help people file for debt relief under the U.S. Bankruptcy Code.
