"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.

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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