Are there any assets that I will not be able to keep in bankruptcy?

Yes, there are certain assets that you will not be able to keep in bankruptcy if you file in Texas. Texas laws impose certain restrictions on what assets you can keep in the event of bankruptcy. Assets that are partially exempt from bankruptcy include only $60,000 in equity value of your home, up to $9,000 of equity in your car, up to $7,500 worth of personal property, up to $60,000 worth of household items, and up to $100,000 of retirement accounts. Any assets that fall outside of these exemptions are subject to liquidation. Non-exempt assets include payments made for luxury goods or services within 90 days of filing for bankruptcy, cash or cash equivalents, motor vehicles registered under the debtor’s name that have a value greater than $9,000, stocks, bonds, and other investments, and business property such as office furniture and equipment. In addition, certain types of debt such as student loans, alimony, child support, and most tax debts cannot be discharged through bankruptcy. It is important to keep in mind that whether or not an asset is exempt from bankruptcy is complex and state specific. It is advisable to consult a lawyer or other financial professional to discuss how bankruptcy might affect your assets.

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Are there any assets that I will not be able to keep in bankruptcy?

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