What Are the Texas Bankruptcy Exemptions?
If you are considering filing for bankruptcy in the state of Texas, it is important to understand the limits and exemptions available when applying. Texas law has a number of exemptions that can protect some of your property from being taken away during bankruptcy proceedings. Knowing what these exemptions are can help you make an informed decision on whether or not to file for bankruptcy.
The most common exemption in Texas is called the homestead exemption. This allows people who own their home to exempt up to $150,000 worth of equity in their residence from creditors. This means if your home is worth more than $150,000, but you have no other assets that could be sold off during bankruptcy proceedings, then the remaining value would be protected by this exemption. Additionally, there are also exemptions available for vehicles and personal property such as furniture and clothing up to certain values depending on household size and income level.
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