Texas Exemptions..need help!!!

[okiemom2008]

I am having trouble understanding my exemptions....Every other state I have read has specifics...2 cars, 2 dogs and so on but the Texas one seems to pretty much be exempt 60k of personal property...and that is that.

Is it really this simple?
Thanks in advance!

[AngelinaCat]

I just checked my Nolopress Chapter 7 Bankruptcy book, and it looks like you are right and it is that simple. I hope it ends up being that.

Good luck.

[okiemom2008]

I just checked my Nolopress Chapter 7 Bankruptcy book, and it looks like you are right and it is that simple. I hope it ends up being that.

Good luck.

I hope so too. What is considered personal property? Are IRA's and things like tax refunds?

Also, the lawyer was saying that even though it says some things specific(like 2 hanguns) we could have as many as we want exempted as long as they are under 60k? Does this make sense to you? I was a little confused because it specifically states 2 handguns but still says 60k limit.

[okiemom2008]

Is there anyone from Tx who can verify if it really is this simple.

Also-since we are both filing do we get 120k in exemptions?

Is a tax return exemption possibly under personal property?

Thanks!

[2live]

I'd like to know as well as I'm in Tx and will be filing in March. Thanks for all the help!

[Keebler]

I filed in Texas and there's a pretty good summary here: www.busby-lee.com
(Texas Exemptions are shown at the top and Federal Exemptions are shown at the bottom.)

The $30,000 of any personal property doesn't sound exactly right. It's more like a $30,00 cap on the specific things that are allowed to be exempted. ($60,000 for a couple.)

It's worth mentioning that there's some things that aren't subject to the $30,000 cap like equity in your home.


In Texas you can choose to use the Federal set of exemptions or the Texas set of exemptions.

The most profound difference between the two is that the Federal Exemptions limit the amount of equity in your home you're allowed to exempt to a bit less than $40,000 for a couple but a you can exempt almost $20,000 worth of cash or savings.

The Texas exemptions have no wild-card exemption and you can't really exempt any cash or savings. However, there's virtually no limit on the amount of equity you can exempt in your home.

The other thing that's worth mentioning is that the Federal Exemptions limit you to less than $3,000 of equity in a vehicle. The Texas exemptions allow one motor vehicle per licensed driver in the household and the amount of equity you can exempt is counted in the $30,000 cap.

[okiemom2008]

I filed in Texas and there's a pretty good summary here: www.busby-lee.com
(Texas Exemptions are shown at the top and Federal Exemptions are shown at the bottom.)

The $30,000 of any personal property doesn't sound exactly right. It's more like a $30,00 cap on the specific things that are allowed to be exempted. ($60,000 for a couple.)

It's worth mentioning that there's some things that aren't subject to the $30,000 cap like equity in your home.


In Texas you can choose to use the Federal set of exemptions or the Texas set of exemptions.

The most profound difference between the two is that the Federal Exemptions limit the amount of equity in your home you're allowed to exempt to a bit less than $40,000 for a couple but a you can exempt almost $20,000 worth of cash or savings.

The Texas exemptions have no wild-card exemption and you can't really exempt any cash or savings. However, there's virtually no limit on the amount of equity you can exempt in your home.

The other thing that's worth mentioning is that the Federal Exemptions limit you to less than $3,000 of equity in a vehicle. The Texas exemptions allow one motor vehicle per licensed driver in the household and the amount of equity you can exempt is counted in the $30,000 cap.

So..would any of this cause a problem..
I want to exempt...
4000 in house items, goods, guns, electronics, cds, dvds , toys and clothes
15000 in 2 vehicles
5000 in tools
1500 in work clothing and items
20000 in IRA's

that adds up to around 47k which is less than 60k so should not be a problem??or am I wrong?

Thanks!

[bkchap7filer]

You have 15k EQUITY in two vehicles??

[okiemom2008]

You have 15k EQUITY in two vehicles??

Well I have one that I own and am trying to sell for 8k and then we are letting the other one go back during bk and we are going to buy one for 7k.

So we would have the title to both of them since they would be paid off which means that the total equity is 7k plus 8k, right?

[Keebler]

So..would any of this cause a problem..
I want to exempt...
4000 in house items, goods, guns, electronics, cds, dvds , toys and clothes
15000 in 2 vehicles
5000 in tools
1500 in work clothing and items
20000 in IRA's

that adds up to around 47k which is less than 60k so should not be a problem??or am I wrong?

Thanks!

I think you'll find that you're okay with the exemptions you've listed. I don't know if they cap it at $30,000 per person so you might need to figure out how much is "his" and how much is "hers" and make sure neither is over $30,000. It would be worth setting up a free visit with an attorney or two and bounce this exact information off of them to be sure.

Our case didn't test the waters too much because we had almost nothing to exempt exceot for the equity in our house.

You'll want to time your filing so that your bank account(s) are as close to zero as you can manage on the day you file. Make sure you haven't written any checks because they should clear before you file. Don't leave any dollar amount in your account that you aren't willing to hand over.

In our case there was a few hundred dollars because our retarded attorney failed to cash the check we wrote to him more than a week before we filed. Fortunatelly, the trustee never asked us to hand any of it over.

[okiemom2008]

I think you'll find that you're okay with the exemptions you've listed. I don't know if they cap it at $30,000 per person so you might need to figure out how much is "his" and how much is "hers" and make sure neither is over $30,000. It would be worth setting up a free visit with an attorney or two and bounce this exact information off of them to be sure.

Our case didn't test the waters too much because we had almost nothing to exempt exceot for the equity in our house.

You'll want to time your filing so that your bank account(s) are as close to zero as you can manage on the day you file. Make sure you haven't written any checks because they should clear before you file. Don't leave any dollar amount in your account that you aren't willing to hand over.

In our case there was a few hundred dollars because our retarded attorney failed to cash the check we wrote to him more than a week before we filed. Fortunatelly, the trustee never asked us to hand any of it over.

Ok great! I guess we need to file on the day everything clears the bank after a paycheck is deposited? On the gun issue-we have 9 ..but the attorney told me the way he reads the tx exemptions is that we can have as many cars, guns, anything as we want as long as they do not add up to more than 60k. I wonder if we are ok with the guns because I read on the link you gave-2 guns max.

Thanks again for the help

[morallyBR2]

You are exempt up to 120K for a homestead property as well. And $7500 for a car. I was hesitant to file because I inherited my house and it is paid for. The house is valued at about 115K which I was right under that mark. I filed bankruptcy with a house and car that are free and clear and about 20K worth of personal property. I also was able to exempt two checks from my insurance company totaling 25K.