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What Are the Texas Bankruptcy Exemptions?

When considering filing for bankruptcy in Texas, it is important to know what assets are exempt from being liquidated. This article will provide an overview of the Texas bankruptcy exemptions and how they can be used to help protect certain assets during a bankruptcy claim.

The Texas Bankruptcy Exemptions offer protection for some of your most valuable possessions such as your home, car and certain other personal items. These exemptions can also be combined with federal exemptions to help you keep more of your property when filing for bankruptcy. For example, the homestead exemption in Texas allows you to protect up to $50,000 worth of property if you’re single or up to $100,000 if you’re married. Additionally, the motor vehicle exemption protects up to $30,000 worth of value on any one car owned by the debtor while filing a Chapter 7 case.

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