What are exempt assets?
Exemptions are determined by the place where you have been domiciled for the 730 days immediately preceding the date of the filing of the petition or if the debtors domicile has not been located in a single State for such 730 day period, the place where the debtors domicile has been located for the 180 days immediately preceding the 730 day period or for the longer portion of such 180 day period. If you have not lived in Texas for the last two years you need to make your attorney immediately aware of this fact. Both the Federal Government and the State of Texas have defined exempt assets. After examining your situation, an election will be made between the two options. Generally the options are: State Exemptions: • Homestead, subject to purchase money, improvements, tax lien and consisting of a) Not more than ten urban acres: or b) Not more than 100 rural acres (200 acres for a family). c) Not more than $125,000.00 in equity that was acquired within 1215 days prior to the filing of ban
