What Are the Texas Bankruptcy Exemptions?

Texas residents who are facing financial hardship and considering filing for bankruptcy need to understand the state’s exemptions. Bankruptcy is a way of dealing with overwhelming debt, but it does come with some drawbacks. Knowing what you can keep out of the bankruptcy process is essential in making an informed decision about whether bankruptcy is right for you.

Texas law allows debtors to exempt certain property from their bankruptcy filings. These exemptions include personal property such as household goods, clothing, and jewelry; motor vehicles up to a certain value; homesteads up to a certain acreage; pensions and retirement accounts; life insurance policies; tools of trade necessary for employment or self-employment; and more. Depending on your unique situation, there may be other items that are exempt from creditors' claims in Texas too.

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