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"Texas Property Exemptions"
Texas state statutes create a class property and assets that are exempt from
collection under state laws. The Texas property exemptions are adopted
by reference by the Federal Bankruptcy Code. In general, debtors filing
bankruptcy in Texas must specifically designate each item claimed as
exempt. Failure to properly designate exempt property may result in
forfeiture. Items that may claimed include: one homestead, basic
household items, some insurance,
many pensions, tools of trade and one automobile to mention only the
most common.
| Rule 4003 of the Federal Bankruptcy Rules of Procedure provides, in part, "(a) Claim of
Exemptions. A debtor shall list the property claimed as exempt under Sec. 522 of the Code on the schedule of
assets required to be filed by Rule 1007. If the debtor fails to claim exemptions or file the schedule
within the time specified in Rule 1007, a dependent of the debtor may file the list within 30 days
thereafter." |
In Texas, legal definitions are derived from many sources, both federal and state: case law, statutes, rules of procedure, rules of evidence, and local practices. The application of law determines meaning, rather than common usage in ordinary conversations. For instance, a particular phrase used in a significant court decision may become popular, and is understood to include the rationale and requirements contained in the published opinion. For this reason, any debtor who may have questions about legal terminology should contact a qualified attorney for clarification. Most consumer specialists offer free consultations for anyone who is considering filing Chapter 7 or Chapter 13.
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