Every state has different laws that pertain to property and asset exemptions in bankruptcy filings. Federal law also offers protection to debtors in this regard. In Texas, a San Antonio debtor may choose between state or federal exemptions to protect his or her property. Property protected under Texas bankruptcy exemptions for an individual may include:
- Homestead – up to 10 acres in an urban setting or 100 acres elsewhere
- Personal property valued at up to $30,000 (furniture, clothing, food, family heirlooms, jewelry, appliances, livestock, 2 firearms, pets, etc.)
- Certain insurance or public benefits
- Pensions, in some situations
- Alimony and child support
Find out more about how your property may be affected by bankruptcy. For a free, confidential review of your unique financial situation, contact a San Antonio Bankruptcy Attorney at the Malaise Law Firm today.