A debtor in Texas who files bankruptcy may follow either the Texas statute or the Federal statute when claiming exemptions. Some of the major exemptions that may be available to a person filing bankruptcy in Texas are listed below, with a brief description of each exemption. A lawyer should be consulted to determine the particulars of each exemption and to determine whether it is better to follow the federal statute or the Texas statute.
Federal Exemptions may be filed in Texas instead of using the state exemption statute.
Bankruptcy is a very complicated process and filing an exemption incorrectly can lead to that property being seized, even if the property would have been exempt had the exemption been filed correctly. Texas allows either the state statute or the federal statute to be used when filing exemptions; each having different assets protected from creditors. A bankruptcy lawyer knows the ins and outs of filing for bankruptcy, and can recommend what chapter of bankruptcy is right for you and ensure that your exemptions are filed correctly.
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Last Modified: 06-28-2013 02:50 PM PDTLaw Library Disclaimer
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