Texas Bankruptcy Exemptions
If you’re considering filing for bankruptcy in Texas, it’s important to understand the state's bankruptcy exemption laws. Bankruptcy exemptions allow individuals to protect certain property from being liquidated under Chapter 7 or Chapter 13 bankruptcy proceedings. In Texas, these laws are set out in the Texas Property Code and determine what assets are exempt from creditors.
Texas has a generous list of exemptions that includes real estate up to $60,000; personal items such as jewelry, clothing, and household goods up to $60,000; motor vehicles up to $30,000; personal injury settlements; disability benefits including Social Security income; annuity payments; workers' compensation awards; pensions and retirement accounts (including 401Ks); life insurance policies; and certain public benefits including food stamps.
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