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When you decided to declare bankruptcy, you will have to determine whether Chapter 7 or Chapter 13 is right for you. With both of these types of consumer bankruptcy, some of your assets will be seized and liquidated in order to collect some money to pay off your outstanding debts. Contrary to bankruptcy myth, however, this does not mean that all of your possessions and savings will be seized. Federal and state laws protect certain assets from this portion of the bankruptcy proceedings. If you are concerned about what you will lose, schedule an appointment with a San Antonio bankruptcy attorney at the Malaise Law Firm. During a free consultation, we can review your finances and walk you through the bankruptcy processLife after bankruptcy is not as bare as you might be imagining.

Types of Bankruptcy Exemptions

Homestead:  home; land

  • 10 acres for people living in a city, town, or village
  • 100 acres for individuals living elsewhere
  • 200 acres for families living elsewhere
  • 6 month exemption for proceeds from sold homestead

Personal Property: food; furniture; upholstery; apparel; jewelry (up to 25% of the value limit); family heirlooms; tools of the trade; sporting goods; health aids such as rehabilitative equipment, walkers, wheelchairs, eye glasses, and hearing aids (not included in the value limit); religious texts (not included in the value limit); some life insurance policies; bicycles; 2 guns

  • Motor Vehicles: 1 automobile for each adult with a license; 1 automobile for each minor with a license who provides transportation for a non-licensed adult; farming and ranching vehicles
  • Animals: household pets (exotic pets may not be exempt); 2 horses or mules or donkeys; 12 head cattle; 60 other livestock; 120 fowl; livestock food; 2 blankets; 2 bridles
  • Wages: for personal services; not exempt from child support payments; self-employed not exempt; up to 25% of the value limit

Intangibles:  social security payments; tax-deferred retirement plans such as IRAs, 401(k)s, profit-sharing and money purchase plans, 403(b)s; education savings; child support payments; unemployment benefits; health savings accounts; alimony payments; welfare; social security payments.

  • Military: military survivor’s benefits; military life insurance;  active, permanent, overseas duty wages in savings accounts; active duty seaman’s wages; active duty seaman’s clothing; veteran’s benefits.

Note: There is a value limit on personal property exemptions; for individuals, this amount is $30,000, and for families this amount is $60,000.