What is “exempt” in the state of Texas?
As mentioned above, when you file for chapter 7bankruptcy, there is certain property which is “exempt” meaning the law allows you to keep it and it cannot be sold to repay creditors. Your homestead, certain personal property, insurance plans, pension plans, wages and other miscellaneous property may be exempt, if it meets certain criteria. An NNK attorney can complete a full evaluation of your property and help you determine which of your property would be exempt under Texas law. It is also important to remember that your property is valued in terms of its current value, the price you paid for it is irrelevant. In a chapter 7 case, exemptions do not prohibit the right of the mortgage holder or a car loan holder from seizing the property to cover the debt. Therefore, if you want to be absolutely sure that you keep certain property, you should consider filing for chapter 13 bankruptcy.
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