What assets can I protect in a Chapter 11 bankruptcy?

In a Chapter 11 bankruptcy, individuals in the state of Texas can protect a variety of assets. These assets may include: - Real estate: Individuals can protect their primary residence, second homes, vacation homes, or rental properties. - Retirement accounts: Qualified retirement accounts, such as 401(k)s, IRAs, and pensions, are generally protected in Chapter 11 bankruptcy. - Personal property: Texas law provides certain exemptions for individual items, such as a homestead exemption for your primary residence and up to $60,000 for personal property. - Tax refunds: These are generally protected as long as the tax debt was discharged in the bankruptcy. - Business assets: Depending on the type of business, business assets may be protected in a Chapter 11 bankruptcy. - Wages: Most wages earned before filing for bankruptcy are exempt from bankruptcy proceedings. In addition to these assets, individuals may also be able to protect other assets such as life insurance policies, health insurance policies, automobile equity, and certain education savings funds. It is important to note that the exemptions and protection available may vary depending on the type of bankruptcy and individual circumstances. Therefore, it is important to speak with an experienced bankruptcy attorney to discuss the specific assets that may be protected in a Chapter 11 bankruptcy.

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What assets can I protect in a Chapter 11 bankruptcy?

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