Every three years the federal bankruptcy exemptions are adjusted for inflation. The adjustment for 2010 applies to cases filed on or after April 1,2010. The federal bankruptcy exemptions are:

1. Homestead: $21,625
2. Vehicle: $3,450
3. Household Goods: $11,525 total with no single item exceeding $550
4. Jewelry: $1,450
5. Wild Card: $1,450
6. Tools of the Trade: $2,175
7. Unmatured Life Insurance: $11,525
8. Personal Injury Claims: $21,625
9. IRA: $1,171,650

Remember these are only the federal exemptions. Texas also has its own set of bankruptcy exemptions which you may be entitled to keep. Exactly which set provides you with the most protection depends on your unique circumstances. Your bankruptcy lawyer can review your situation and help you pick to best exemption rules.

Get Help

The Shea Law Firm is here to help you get through the bankruptcy process and protect your rights to the fullest extent. Don’t risk losing property you may be able to keep. Call (832) 592-7913 and speak with a Woodlands bankruptcy lawyer today.

LoneStarBankruptcy.com provides the latest news and information on Chapter 7 and Chapter 13 bankruptcy in the Southern District of Texas. The Federal Bankruptcy Court for the Southern District of Texas covers many communities including: Houston, Spring, Conroe, The Woodlands, Montgomery County, and Harris County. If you need legal assistance with a personal bankruptcy matter speak with a local bankruptcy attorney today.

Related posts:

1. Why You Need to Choose Texas or Federal Exemptions Carefully
2. Texas Bankruptcy Exemptions – Jewelry
3. Bankruptcy Exemptions: Home