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What Am I Allowed To Keep After Bankruptcy?

What am I Allowed to Keep After Bankruptcy?

What am I allowed to keep? Assets or exemptions that can be maintained in a bankruptcy.

In general, a debtor’s residence and some personal possessions are exempt from attachment and execution of a judgment.

The debtor’s homestead ($10,000.00 per Debtor) and one or more lots utilized for the burial of the deceased are excluded from creditors’ claims. The homestead of a family or a single, adult person, not otherwise entitled to a homestead, consists of not more than one acre of land in one or more lots, including with any additions thereon, if utilized as an urban dwelling or as a place to perform a calling or business in the same urban region. If you’re looking for a rural home, this is what you’ll need:

The homestead consists of: not more than 200 acres for a family, which may be divided into one or more parcels with improvements; or not more than 200 acres for a family, which may be divided into one or more parcels with improvements; or not more than 200 acres for a family, which may be divided into one or more parcels with improvements.

Not more than 100 acres, which may be in one or more parcels, with the improvements thereon, for a single, adult individual who is not otherwise entitled to a homestead.

Garnishment, attachment, execution, or other seizure of a debtor’s personal property may be prohibited.

The following items may be included in the property:

Tools, equipment, books, and apparatus, including boats and motor vehicles used in a trade or profession; home furnishings, including family heirlooms; provisions for consumption; farming or ranching vehicles and implements; tools, equipment, books, and apparatus, including boats and motor vehicles used in a trade or profession; wearing apparel; jewelry not to exceed 25% of the aggregate limitations prescribed by Section 42.001(a);

two handguns;

bicycles, as well as athletic and sporting equipment;

a two-wheeled, three-wheeled, or four-wheeled motor vehicle for each family member or single adult who has a driver’s license or who does not have a driver’s license but relies on another person to operate the vehicle for the nonlicensed person’s benefit;

various animals and fodder for consumption on hand;

pets in the home;

The present value of any life insurance policy in which a member of the insured’s family or a dependant of a single covered adult claiming the exemption is a beneficiary.

Current earnings for personal services, as well as other personal property, may be immune from seizure.

a debtor’s or a dependent’s professionally prescribed health aids

alimony, support, or separate maintenance paid or due to be paid to the debtor or for the support of his dependents

A qualifying retirement plan, annuity, or account is one that meets certain criteria.

If you are being harassed by creditors, Hoard Law invites you to contact us for a free consultation to see how we may help you.