Bankruptcy Exemptions in Bedford
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In a Chapter 7 bankruptcy, non-exempt property is turned over to the court for sale and distribution to creditors. A person filing bankruptcy must choose between the federal and the state schedules. Our state has some of the most generous exemptions in the nation. Personal property is exempt up to $60,000 for a family and $30,000 for a single person.
Why You Need A Lawyer To Help You File Bankruptcy
Filing for bankruptcy can be a complex and difficult action. You will need the guidance of an experienced Bedford bankruptcy attorney. At the Law Office of Mark B. French, we know that, typically, bankruptcy is not the result of reckless spending, but of financial hardship and unexpected expenses.
We have more than 30 years of experience and the qualifications to help our clients through difficult financial situations, including the following:
- Our founding attorney is AV® Rated by Martindale-Hubbell® and received the Martindale-Hubbell® Client Distinction Award in 2012.
- He is Avvo rated and was selected for inclusion in the Super Lawyers® list in 2007 and 2008.
- He has been Board Certified as a consumer bankruptcy specialist for more than 10 years.
Property That Is Exempt From Bankruptcy In Texas
The types of property exempt and subject to the dollar limits stated above include:
- Home furnishings
- A 2, 3, or 4-wheeled vehicle for each member of the family who has a driver's license or who is non-licensed but relies on another individual to operate the vehicle
- Jewelry, not to exceed 25% of the aggregate limitations
- 2 firearms
- Farming or ranching vehicles or implements
- Sports and athletic equipment, including bicycles
- Provisions for consumption
Certain items, such as alimony and child support, are exempt with no dollar limit. The types of property not exempt in a bankruptcy include:
- Real estate other than the homestead
- Cash on hand or in checking or savings accounts or CDs, savings bonds, etc.
- Stocks and bonds not in retirement accounts
- Ownership interest in a business
We have been helping clients with bankruptcies since 1987, and you can trust in the representation we provide. Our firm represents debtors and creditors in business and consumer cases.
For strong representation to help you navigate debt relief and credit restoration, contact us.