By hiring an attorney who is experienced in bankruptcy, you can be assured that you meet the requirements of the Chapter 13 Trustee and the Federal Bankruptcy Code. Remember, this is presented as general information only. If you need legal advice concerning bankruptcy, please consult a licensed attorney with experience in bankruptcy law. The following information is not meant to replace the advice and guidance of a licensed attorney with experience in bankruptcy law. The following information applies to both a Chapter 7 bankruptcy and a Chapter 13 bankruptcy.
Exempt property is any property which the law determines to be out of the reach of creditors.
Both state and federal law allow a certain amount of property to be exempt, primarily among them your homestead, vehicle, household goods and furniture, jewelry, clothes, and retirement accounts. The Texas exemption laws may be more or less favorable than the federal exemptions, and you can choose either Texas or federal exemptions based upon which is more advantageous to your particular situation. Certain government benefits are also exempt, including future benefits like social security, unemployment benefits, and veterans benefits. Child support payments and alimony are also exempt from reach of the creditors. Normally, you may keep everything that you have and desire to keep.