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:
Every Woodlands Bankruptcy filer faces a choice to use the Texas or Federal Bankruptcy property exemptions. They each have their pros and cons. Exactly which exemption rules are better depends entirely on your unique case. Once you choose to use either the Texas or Federal Bankruptcy exemptions you may not be allowed to change your choice later on even if your circumstances change after your case is filed. The wrong choice can result in you losing property that you may have been able to keep through Bankruptcy. That is what happened to the Schellenbergs. Do not let it happen to you, call (832) 426-3913 to speak with a Woodlands Bankruptcy Attorney today.
The Schellenbergs filed a Chapter 13 Bankruptcy petition on February 2, 2009. The purpose of the filing was to protect from foreclosure a horse ranch that the Schellenbergs had built that was to serve as their homestead and horse training business. The Schellenbergs had borrowed $772, 000 from First State Bank of Central Texas (“FSBCT”) on or about August 10, 2006. On the date of their bankruptcy petition, Read more…
Exempt property is the property you can keep in a Chapter 7 case without having to turn over to the bankruptcy trustee. Any property you have that your Conroe Bankruptcy Attorney does not claim as exempt or that does not qualify as exempt is subject to being turned over to the bankruptcy trustee and liquidated to repay debts. Texas law provides for several property exemptions. Today we will examine the exemption for jewelry.
Sections 42.001(a) and 42.002(a)(6) of the Texas Property Code allow an exemption for jewelry not to exceed Read more…
In every Woodlands Bankruptcy case there is a long list of “exempt property” that you are entitled to keep. In this post we will take a look at the most important exemption for many Woodlands Bankruptcy filers, the homestead exemption.
Put simply, Texas law protects your homestead with very few restrictions. There is no limit to the value of your home. Your Montgomery County Bankruptcy Attorney can protect your $500,000 home just the same as your $100,000 home in Bankruptcy.
There is a limitation on the actual size of your homestead that you can protect. If your home is located in an “urban” area (which is virtually very property except very rural locations) your home can not exceed 10 acres.
If you need the relief that only Bankruptcy can provide, speak with a Woodlands Bankruptcy Attorney today and get control over your debt.
Contact me if you need bankruptcy assistance.
I am an attorney in good standing in the Bankruptcy Court for the Southern District of Texas and I help people file for relief under the Bankruptcy Code. Until the Supreme Court decides otherwise, I am also a debt relief agency.
