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Filing Bankruptcy Form com Keep your exempt property when filing chapter bankruptcy Use this list of state and federal exemptions to see what assets you can keep after filing your own bankruptcy The Chapter Bankruptcy Code allows you to keep property or assets such as a car home land and other assets by claiming them as exempt under Federal and State bankruptcy exemption laws Note Federal exemptions are not available for all states please review the exemption information carefully General Bankruptcy Exemption Information You can legally keep property that you claim as exempt All property whether real or personal becomes owned by the bankruptcy estate as soon as you file your bankruptcy petition in court However the Trustee generally does not take actual possession of your property until after the Property Exemption Report is filed with the Court Although you fill out and file a Schedule C Property Claimed as Exempt form your property is not exempt until the Trustee files the Property Exemption Report which actually classifies your property as exempt or non exempt NOTE Should the Trustee erroneously list certain property as non exempt when it should have been listed as exempt you must make an immediate

Personal Bankruptcy Information Your online reference source for bankruptcy Federal Exemption Set If you live in a you may choose the following federal exemptions as opposed to your state exemptions Married couples may double all exemptions ASSET EXEMPTION DESCRIPTION LAW SECTION Homestead Real property including co op or mobile home to unused portion of homestead to may be applied to any property Insurance Disability illness or unemployment benefits Life insurance payments for persons who depend on debtor needed for support Life insurance policy with loan value in accrued dividends or interest to Unmatured life insurance contract except credit insurance policy Miscellaneous Alimony child support needed for support Bankruptcy Information is believed reliable but accuracy and completeness are not guaranteed Nothing in this web site is intended as or should be used as a substitute for professional financial or legal advice copy Bankruptcy Information All Rights reserved Portions of this site reference the U S government publication Bankruptcy Basics

Personal Bankruptcy Information Your online reference source for bankruptcy Texas Exemptions can be used in conjunction with your Texas exemptions and can be viewed In Texas you may choose to use the instead of your state exemptions Also see ASSET EXEMPTION DESCRIPTION LAW SECTION Homestead Unlimited property cannot exceed acre in town village city or acres elsewhere sale proceeds exempt for months after sale May file homestead declaration Property Property Personal Property Athletic and sporting equipment including bicycles firearms home furnishings including family heirlooms food clothing jewelry two three or four wheeled motor vehicle per member of family or single adult who holds a driver’s license horses mules or donkeys and a saddle blanket and bridle for each head of cattle head of other types of livestock fowl and pets to total Burial plots Health aids Property Property Property Insurance Church benefit plan benefits Fraternal benefit society benefits Life health accident or annuity benefits or monies including policy proceeds and cash values to be paid or rendered to beneficiary or insured Life insurance present value if beneficiary is debtor or debtor’s dependent Retired public school employees group insurance Texas employee uniform group insurance Texas state college or university employee

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