Pelley Law Office LLP
Dallas Office
Plano Office
Sherman Office
214-733-1775
972-608-0335
903-813-4778

No Charge For Initial Consultation ($250 value)

Menu Contact

Over 80 Years Of Combined Experience

View Our Practice Areas

Your assets in bankruptcy

When you file a bankruptcy to get rid of unwanted and oppressive debt, then you have to claim the items that you want to keep as exempt.  Most bankruptcies that are filed are able to claim all of the assets as exempt.

In either Chapter 7 or Chapter 13 bankruptcy in Texas, the debtor has an election to make as to whether he wants to select the list of exemptions in the Texas Property Code or the statutory exemptions in the Federal Bankruptcy Code.

The benefit of taking the federal list of exemptions is that there is a wild card exemption under d(5) where the debtor can claim some cash as exempt as long as there is less than $20,000 in equity in the homestead for each filing spouse.

If there is a married couple filing jointly and there is more than $40,000 of equity in the homestead then the debtor would need to utilize the Texas Property Code's list of exemptions.  The benefit of filing in Texas is that there is no limit as to how much equity you can have in your homestead.

No Comments

Leave a comment
Comment Information

Awards & Recognition

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Locations

Plano office
Sherman office
Dallas office

Plano Office
1312 14th Street, Suite 100
Plano, Texas 75074

Phone: 972-608-0335
Map & Directions

Sherman Office
905 North Travis Street
Sherman, Texas 75090

Phone: 903-813-4778
Map & Directions

Dallas Office
6060 North Central Expressway, Suite 602
Dallas, Texas 75206

Phone: 214-733-1775
Map & Directions