Does Liquidation Mean I Will Lose Everything? What Can I Keep?
In a Texas Bankruptcy – Does Liquidation Mean I Will Lose Everything? What Can I Keep?
When you file for bankruptcy relief under Chapter 7 (liquidation), the bankruptcy trustee can take your assets and sell them to pay off your unsecured creditors. However, bankruptcy laws have exemption statutes that permit you to keep personal property, within reason. Exemptions essentially protect you from the enforcement of judgments, with the understanding that people need certain items in order to live.
Exemption Protocol – If you choose the second exemption scheme, under Texas bankruptcy laws, you can keep:
- Your home, if not more than one acre in town or 100 acres out of town.
- $30,000 worth of personal property, including one-, two-, three- or four-wheeled vehicle; two horses, mules or donkeys and a saddle, blanket and bridle for each; 12 head of cattle; 60 head of other livestock; 120 fowl; pets.
- Athletic and sporting equipment, home furnishing, family heirlooms; food and clothing; jewelry (but not to exceed 25 percent of total exemptions); tools of your trade
- Burial Plots
- Health Aids
- Unemployment, Disability, Veterans’, Workers’ Compensation, and Social Security Benefits
- Alimony and Child Support
- ERISUA Qualified Retirement Plan and Life Insurance Proceeds
- Business Partnership Property
- Farming or Ranching Vehicles and Implements
Law Firm of Dallas Bankruptcy Attorney Andrew B. Nichols
Helping clients with creditor lawsuits, debt relief options and bankruptcy.
Call (214) 999-1313
7920 Beltline Road, Suite 650
Dallas, Texas 75254
Serving clients in Dallas, Plano, Garland, Allen,Richardson, Frisco TX areas.
– DFW area Bankruptcy Attorney servicing Dallas , Fort Worth, Richardson, Garland, Plano, TX and the surrounding areas. Chapter 7 Bankruptcy Attorney / Chapter 13 Bankruptcy Attorney / Debt Relief Attorney