Motor Vehicle Exemptions in Texas
When filing for Chapter 7 bankruptcy, it is important to note that debtors who have large amounts of equity in a home, vehicle, or other durable goods may be forced to forfeit these items in order for the court to auction them in an effort to pay back your creditors. However, for debtors with little or no income and no way to pay back their debts, Chapter 7 is frequently an excellent option for eliminating debt, and contrary to what many believe, you are not required to forfeit all of your property.
If you or someone you know is considering filing for Chapter 7 bankruptcy protection, an experienced legal professional may be able to help you keep the possessions that matter most to you. Contact the Houston bankruptcy lawyers of the Law Office of Russell Van Beustring at 713-973-6650 today to speak with a qualified member of our legal team about the details of your situation and learn more about your rights and options under the law.
How Much You Can Exempt
In the state of Texas, there is no specific amount of equity which may be exempted from a vehicle. Instead, an aggregate exemption is granted to those pursuing bankruptcy. For a single person, you can exempt $30,000 of value in personal property, and the number rises to $60,000 for families. This exception can be applied to things such as your vehicle, meaning that it is likely that you will be able to prevent your car from being seized for auction.
If you are suffering from overwhelming debt that you are unable to pay back, it is important to remember that Chapter 7 bankruptcy does not necessarily require you to forfeit your property. Call the experienced Houston bankruptcy attorneys at the Law Office of Russell Van Beustring today at 713-973-6650 for a free consultation to learn more about your options.