Bankruptcy Exemptions in Texas
Life-altering events like the loss of a job, spousal support, or the death of a contributing family member may force individuals into a difficult financial situation. Even a slight change to a person's monthly income can cause serious damage to his or her ability to pay debts and support family members. In the event of significant financial struggles, individuals may turn to bankruptcy to help them remove harmful debts and return to financial freedom.
The laws regarding bankruptcy and personal-property exemptions may vary from state to state. For persons considering filing bankruptcy in Texas, there are specific types of property that may be exempt from bankruptcy proceedings. If you would like to know more about filing for bankruptcy in Texas, contact the Austin bankruptcy attorneys of Slater, Kennon & Pugh Ltd.LLP at 512-338-1100 today.
Common Bankruptcy Exemptions
Personal property exemptions in Texas may include:
- Up to 10 acres of personal land that includes the individual or family's home
- Up to 200 acres of rural land
- The applicant's motor vehicle
- Personal items like clothing and family heirlooms
- Life insurance contracts
- Qualified retirement plans
- Tools of an individual's profession that are necessary for making a living
- Worker's compensation payments that are due to the individual
Contact an Austin Bankruptcy Attorney
If you are facing serious financial struggles and are considering filing for bankruptcy, contact the Austin bankruptcy lawyers of Slater, Kennon & Pugh Ltd.LLP at 512-338-1100 to discuss your legal options.