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Despite bankruptcy being a federal process, you will be surprised to know that bankruptcy laws vary from state to state. Thus, knowledge about federal as well as state laws concerning bankruptcy is extremely important if you are considering bankruptcy as an option to get rid of your debts. Having experienced attorneys by your side, such as those of Los Angeles based bankruptcy law firm Recovery Law Group, can be an asset in such cases. In case, you are looking for debt relief options and want to know about your state bankruptcy exceptions, you can call 888-297-6023 to schedule an appointment with the best lawyers.
Exemptions specific for the state of Texas
In case you reside in Texas and are contemplating filing for bankruptcy, it is important that you are aware of the exemptions available for bankruptcy filers. Many times, people are unaware of the fact that exemptions are available to protect their property during bankruptcy. Unfortunately, they are under the belief that they are either going to lose everything they own, or they will be able to get rid of all their debts. That’s why knowing about exemptions is important!
When any individual files for bankruptcy, everything they own becomes a part of their bankruptcy estate. If an individual file for Chapter 7, there is some risk for them to lose some property. Non-exempt property is sold off in case of Chapter 7 to pay your unsecured creditors. However, with exemptions in place, you might not lose any property. The state of Texas offers several exemptions including:
- homestead exemption,
- motor vehicle exemption,
- personal property exemption
- retirement account
- pension exemption
The specific dollar amount of these exemptions varies. There are specific criteria to be met for these exemptions to come in force. Since most of this is complicated stuff, it is important that you hire experienced and qualified lawyers Texas to help you with the bankruptcy filing.