What Personal Exemptions Exist in Houston?
It is always in your best interest to consult with a bankruptcy attorney when filing bankruptcy in Texas. Filing Chapter 7 in Houston involves the liquidation of your assets in order to pay off your debts. Fortunately, this does not mean the government will seize your personal property. It is rare for a client to lose any assets in a bankruptcy. Although a bankruptcy trustee may take possession of property that is considered non-exempt, most if not all of your property will be considered exempt (protected) and you will be allowed to maintain possession.
Texas has the most generous bankruptcy exemption laws in the country. The following types of property can be claimed as exempt in the state of Texas:
- In the city, a home up to ten acres
- In the country, a home up to 100 acres, and for a married couple, up to 200 acres
- Personal property, including up to $30,000 worth of any personal property (including a vehicle) for a single adult, and up to $60,000 worth of any personal property (including a vehicle) for a family. This excludes cash but includes automobiles, furniture, retirement plans and IRAs
- Farming and ranching vehicles
- Athletic and sporting equipment
- Tools (such as equipment, boats, motor vehicles) that are used in a trade or profession
- Wearing apparel, household goods and jewelry
- Firearms
- Retirement accounts such as IRAs, 401(k)s and other tax deferred plans
In many Houston Chapter 7 bankruptcy cases, all or most personal property can be claimed as exempt. This enables you to have a fresh financial start without losing everything you own.
Federal and state law
U.S. Bankruptcy Code governs bankruptcy, but each state defines exemptions. Having a knowledgeable attorney can help you understand how the laws interact with each other and how to retain the greatest number of assets.
Contact the Law Office of Russell Van Beustring today
It is highly recommended that you consult an experienced bankruptcy lawyer in Houston if you are considering filing a Chapter 7 bankruptcy. To find out how we can help you or your business file for bankruptcy while retaining as much property and assets as possible, contact the Law Firm of Russell Van Beustring today for a free consultation by calling 713-973-6650.
Russell Van Beustring, P.C.
9525 Katy Freeway, Suite 415
Houston, TX 77024
