The Texas Property Code and Bankruptcy Code Protect Your Assets.
Almost all of our clients retain all of the property that they wish to keep because it is exempt (protected). In fact, we regard our number one job as protecting our clients’ assets. After we have done that, then we discharge as much of their debt as we can under the law. It is very rare that we file a case that has a non-exempt asset, and we make sure the client understands that well in advance of the filing of the bankruptcy.
Filing bankruptcy in Texas.
Texas is one of the best states in which to file bankruptcy. Texas exemption laws are favorable to debtors for a number of reasons. First, the Texas Property Code exemptions are extremely generous. Additionally, the law gives you the option of choosing the Federal Bankruptcy Code exemptions if they would be more favorable in your situation.
Here are a number of important features from the Texas Property Code exemptions statute:
- Texas homestead exemption: People who file for bankruptcy in Texas are allowed to keep their primary residence. There is no dollar limit on this exemption.
- Personal property exemption: Personal property includes automobiles, home furnishings, jewelry, clothes, livestock and other common items. Single adults are allowed to keep up to $50,000 in personal property, while families are allowed to keep up to $100,000 (and that is not the replacement value, but rather the depreciated fair market value).
- Retirement plan exemption: Qualified retirement plans such as 401(k)s and IRAs are protected under Texas bankruptcy law.
- Tools of the trade: Farming or ranching vehicles and implements are included in this exemption, as well as other tools and equipment.
To understand how Texas Property Code or the Bankruptcy Code’s list of exemptions applies in your situation, it is important to talk with our experienced bankruptcy lawyers.
Contact Pelley Law Office, L.L.P., Today
We invite you to call us at 972-608-0335 to schedule a free confidential consultation with an experienced bankruptcy lawyer. You can also contact us by email now to request an appointment to discuss your options. You will be under no obligation to hire us. We look forward to speaking with you and explaining how we can help.