3rd Dec 2015
As of September, 2015, Texas increased the dollar amount of personal property exemptions that may be claimed. Texas has always had very generous exemptions, but it is now even better. If you run into trouble with your creditors, you can now protect more of your property from those creditors.
This new exemption especially helps people who file bankruptcy in Texas. The new personal property exemption has been raised to $50,000.00 for an individual and up to $100,000.00 for a married couple.
You may be asking just what is included in personal property? In Texas, personal property includes, but is not limited to, the following:
- Furniture and other home furnishings
- Sporting Equipment
- Hobby Equipment
- Jewelry (up to 25 percent of the exemption amount)
- Motor Vehicles
If you find yourself in trouble with your creditors and are afraid of losing your possessions, meet with an experienced bankruptcy attorney today to make sure you can protect yourself. If you live in Texas, that job just became easier with these new exemptions.
Please call to schedule a time to meet with me for a free consultation. We can discuss your debts and your exemptions to make sure we can protect your property from seizure. If you would like to discuss your bankruptcy options, please call me at 281-847-4345 to schedule a free consultation.