Bankruptcy, often seen as a financial dead-end, can actually be a lifeline for people struggling with overwhelming debt. In Texas, filing for bankruptcy allows debtors to reduce their financial obligations without losing all their possessions. This is possible through exemptions, which let bankruptcy filers keep certain assets necessary for maintaining a household and employment.
These exemptions ensure that those filing for bankruptcy in Texas have the resources they need to rebuild their financial foundation and get back on their feet, whether it’s keeping a vehicle for work or preventing foreclosure on the family home.
Filing for bankruptcy may seem intimidating, but it could be a valuable solution to help alleviate the burden of credit card debt. In fact, working with a bankruptcy lawyer to file for bankruptcy exemptions can greatly benefit you if you are dealing with unpaid credit card debt.
We can help you navigate the complexities of a bankruptcy filing. Contact us today for a free case evaluation to get started.
Texas Homestead Exemption – Protect Your Home from Creditors
As a homeowner in Texas, it is important to understand your rights and protections under the law. One of the most valuable protections available to you is the Texas Homestead Exemption. This exemption can safeguard your home from creditors, even in the event of bankruptcy.
By declaring your home as your primary residence and meeting certain criteria, you may be able to protect tens of thousands of dollars, if not more, of your home’s value from seizure by creditors.
In Texas, you can file for bankruptcy if you have resided here for more than 180 days (6 months). However, to use Texas homestead exemptions, you must have lived in the state for a minimum of 730 days (2 years) prior to filing. Otherwise, you would need to rely on the exemptions of your previous state.
Speaking with a knowledgeable Texas bankruptcy lawyer can help you explore your options and ensure that you are taking full advantage of the legal protections available to you. Take steps to secure your home and protect your future today.
Motor Vehicle Exemption – Keep Your Car Safe During Bankruptcy Proceedings
One of the most significant concerns people have during bankruptcy proceedings is the possibility of losing their car. However, with the Motor Vehicle Exemption, individuals can protect their vehicles from being seized to satisfy outstanding debts.
Under this exemption, you have the ability to exempt the full value of one motor vehicle for each licensed member in your household. Even if a household member doesn’t possess a license, you can still exempt that vehicle if the unlicensed individual depends on someone else to operate it.
Check with your bankruptcy lawyer to understand the details of this exemption and how it applies to your specific situation to ensure the best possible outcome.
Personal Property Exemptions – Items Protected When Filing for Bankruptcy
In Texas, there are personal property exemptions that protect certain items from being taken during the bankruptcy process. These items can have a combined value of up to $50,000 for a single individual, or up to $100,000 for a family. They may include:
- Home furnishings, including family heirlooms
- Clothing and food
- Jewelry worth up to $12,500 for an individual or $25,000 for a family
- Athletic and sports equipment, including bicycles
- Two firearms
- Farming and ranching vehicles and implements
- Tools of your trade
- Commercial boats or vehicles
- Animals, including pets and domestic animals plus their food; two horses, mules, or donkeys, plus tack; 12 head of cattle; 60 head of other livestock; and 120 fowl
Maximize Your Texas Exemptions with a Bankruptcy Lawyer
From ensuring that you receive all eligible exemptions to properly filling out forms and handling any objections from creditors, a bankruptcy lawyer can make all the difference in helping you achieve financial relief and a fresh start. If you’re feeling overwhelmed by the idea of filing for bankruptcy or worried about making mistakes on your own, don’t hesitate to reach out to our team of dedicated and experienced bankruptcy lawyers for a free case evaluation.