Under Texas bankruptcy law, most consumers filing for bankruptcy protection enjoy a homestead exemption with an unlimited dollar amount if they qualify under the rules. […]
When considering Chapter 7 Bankruptcy or Chapter 13 Bankruptcy many people fret over what assets will be seized by creditors and what valuable possessions can be saved. There are several federal and Texas exemptions available to Dallas-Fort Worth residents filing for bankruptcy. When an asset is classified as exempt, it cannot be seized and/or liquidated to payoff debts in bankruptcy. The federal exemptions in bankruptcy are numerous; but Texas has some of the most liberal exemptions in the country. In this series we explore those Texas bankruptcy exemptions. We have compiled all of the Texas State bankruptcy exemptions and broken them down into several sections with easy to read language and examples of how they would work in a real life bankruptcy case.
Below are some samples of the sections currently available:
.: Bankruptcy Exemptions :.
Texas Homestead Exemption
Personal Property Exemption
Under the Texas bankruptcy law, a debtor filing for Chapter 7 or Chapter 13 bankruptcy enjoys several generous personal property exemptions. collect.[…]
Retirement Plan Exemption
An exemption qualified retirement plan is a tax-deferred retirement plan created by employers for their employees. This includes 401(k)s, 403(b)s, profit-sharing and money purchase plans, IRAs (including SEP and SIMPLE plans), as well as defined-benefit plans.[…]
Veterans Exemption
Texas bankruptcy law generally exempts veteran's benefits from seizure by creditors; both before and after the veteran has received the benefits.[…]
Self-Employed Retirement Exemption
Money and interest earned on tax exempt contributions are also exempt under the Texas bankruptcy law. But money and interest earned on taxed contributions are not protected under this Texas bankruptcy exemption.[…]
Insurance Benefits Exemption
Money and interest earned on tax exempt contributions are also exempt under the Texas bankruptcy law. But money and interest earned on taxed contributions are not protected under this Texas bankruptcy exemption.[…]
Property Of Debtor In Military Service Exemption
Although a military servicemember's property can be seized during bankruptcy depending on the situation and type of property, there are certain protective exemptions under the Texas bankruptcy law. […]
Texas Crime Victims' Award Exemption
Under the Texas Crime Victims' Award exemption, a debtor filing for bankruptcy has a right to exempt property received in connection to a Crime Victim's Award. […]
Texas Public Assistance Exemption
Under the Texas bankruptcy code, if you are receiving public assistance, the money and benefits are exempt from seizure by creditors during a Chapter 7 or Chapter 13 bankruptcy. […]
Child Support And Alimony Bankruptcy Exemption
The Texas bankruptcy law exempts child support and alimony money received by a debtor up to the amount needed to support the debtor and his/her dependants. […]
Earned But Unpaid Wages
Under Texas bankruptcy law, earned but unpaid wages are completely exempt from seizure by creditors after you file for Chapter 7 or Chapter 13 bankruptcy. […]
Educational Savings
Texas bankruptcy law exempts all savings plan trust accounts designated for higher education when a debtor files for Chapter 7 or Chapter 13 bankruptcy. […]
We will add to this Texas exemption series on a weekly basis.
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