Can I keep certain types of property when filing for bankruptcy?

Yes, it is possible to keep certain types of property when filing for bankruptcy in Texas. According to the Texas Constitution, individuals are allowed to keep certain property when they file for bankruptcy protection. This property is known as exempt property and includes certain amounts of clothing, household furnishings, and personal tangible items. In addition, certain financial assets can be kept such as social security benefits, tax-exempt retirement accounts, and public assistance benefits. In Texas, homesteads can also be kept up to a certain value as well as vehicles up to a predetermined value depending on the county. In order to keep the property mentioned above, you must file an exemption claim where you list all of the property you are attempting to keep. It is important to note, however, that each exemption has specific rules and limits. Therefore, it is important to review Texas law carefully in order to understand what property you are entitled to keep. It is also important to note that certain debts such as student loans, back taxes, and alimony payments are generally not dischargeable in bankruptcy and must be paid. Filing for bankruptcy can be a complicated process, so it is important to research the law and discuss all available options with a qualified attorney. This will ensure that you understand all of your rights and obligations under the law in Texas and can better protect your assets.

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Can I keep certain types of property when filing for bankruptcy?

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