Texas Bankruptcy Exemptions

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Texas Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to Texas Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Texas Bankruptcy Exemptions

All law references are to Texas Bankrutcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Unlimited amount, but cannot exceed 10 acres in a city, town, or village, or 100 acres (200 acres for family) elsewhere. Sale proceeds are exempt for 6 months after sale.	Property 41.001, 41.002
HOMESTEAD	Homestead declaration must be filed or the court will charge you to file it for you.	Property 41.005
INSURANCE	Church benefit plan benefits	1407a
	Fraternal benefit society benefits	885.316
	Life, health, accident or annuity benefits or monies, including policy proceeds and cash values to be paid or rendered to beneficiary or insured	Insurance 21.22
	Texas public school employees group insurance.	1575.006
	Texas employee uniform group insurance	1551.011
	Texas state college or university employee benefits	Insur. 1601.008
MISCELLANEOUS	Property of business partnership	6132b-2.04
	Alimony and child support.	Prop. 42.001
	Higher education savings plan trust account.	Educ. 54.709
	Liquor permits and licenses.	Alco. Bev. Code 11.03
	Prepaid tuition plans.	Educ. 54.639
PENSIONS	County & district employees	Govt. 821.006
	ERISA-qualified government or church benefits, including Keoghs and IRAs	Property 42.0021
	Firefighters	6243e
	Judges	Govt. 821.004
	Law enforcement officers’ survivors	Govt. 615.005
	State employees, elected officials, and municipal employees.	Government 811.005 6243h
	Police officers	6243d-1
	Teachers	Govt. 821.005
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Athletic and sporting equipment, including bicycles; 2 firearms; home furnishings, including family heirlooms; food; clothing; jewelry (not to exceed 25% of total exemption); 1 two-, three- or four wheeled motor vehicle per member of family or single adult who holds a driver’s license (or who operates vehicle for someone else who does not have a license); 2 horses, mules or donkeys and a saddle, blanket and bridle for each; 12 head of cattle; 60 head of other types of livestock; 120 fowl; and pets to $30,000 total ($60,000 for head of family)	42.002
	Burial plots and health aids (exempt from the $60,000 family/$30,000 single total personal property allowed).	Property 41.001
	Health savings accounts.	Prop. 42.0021
PUBLIC BENEFITS	Crime victims’ award	56.49
	Medical assistance	Hum. Res. 32.036
	Public assistance	Hum. Res. 31.040
	Unemployment compensation	Labor 207.075
	Workers’ compensation	Labor 408.201
TOOLS OF TRADE Tools of trade exemptions are included in the "SPECIAL LIMIT" listed under Personal property	Farming or ranching vehicles and implements	Property 42.002(a) (3)
	Tools, equipment (includes boat & motor vehicles) & books	Property 42.002(a) (4)
WAGES	Earned but unpaid wages	Property 42.001(b) (1)
WAGES	Unpaid commissions to 75% (see personal property of the "SPECIAL LIMIT" stated above.)	Property 42.001

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