| The burning question in most potential bankruptcy | | | | - Wild Card - $1,075 of any property plus up to |
| debtors' minds is "What can I keep?" You're | | | | $10,125 of any amount of unused homestead |
| understandably worried about losing everything, | | | | exemption |
| but let me just put your mind at ease. You're | | | | The Texas exemptions allow you to keep: |
| definitely not going to lose everything. In fact, | | | | - Your home, if not more than 10 acres in town |
| most people keep everything. Bankruptcy was | | | | or 100 acres out of town (200 acres for families) |
| created specifically to help consumers sinking | | | | - $30,000 worth of personal property ($60,000 |
| under the waves of financial overburden, and both | | | | for head of family), including one two-, three- or |
| state and federal law provide for property | | | | four-wheeled vehicle; two horses, mules or |
| exemptions. In other words, the law sets out a | | | | donkeys and a saddle, blanket and bridle for each; |
| list of items that you can keep even after the | | | | 12 head of cattle,; 60 head of other livestock; 120 |
| bankruptcy process ends. | | | | fowl; pets. Athletic and sporting equipment, home |
| Texas allows consumers to choose to use either | | | | furnishing, family heirlooms; food and clothing; |
| the federal exemption guidelines or the Texas | | | | jewelry (but not to exceed 25 per cent of total |
| exemptions. The federal exemptions allow you to | | | | exemptions); tools of your trade |
| keep: | | | | - Burial plots |
| - Your home up to $20,200 | | | | - Health aids |
| - Life insurance payments for individuals you | | | | - Unemployment, disability, veterans', workers' |
| depend upon for support | | | | compensation and social security benefits |
| - Life insurance policy with loan value up to | | | | - Alimony and child support |
| $10,775 | | | | - Retirement plan and life insurance proceeds |
| - Unmatured life insurance contract, excluding | | | | - Business partnership property |
| credit insurance policy | | | | - Farming or ranching vehicles and implements |
| - Alimony and child support used for support | | | | Also, as long as you keep up the payments on |
| - Pensions and Retirement Benefits, | | | | mortgages and deeds of trust, you'll be able to |
| ERISA-qualified benefits needed for support | | | | keep all your property that you're still paying on. |
| - $525 per item in household goods for a total | | | | And with bankruptcy to help give you the financial |
| value of up to $10,775 | | | | breathing room you need, that shouldn't be a |
| - Health aids | | | | problem. Lenders use foreclosure as a last resort, |
| - Jewelry up to $1,350 | | | | so they want you to make your payments just |
| - Lost earnings payments | | | | as much as you do. |
| - Your motor vehicle up to $3,225 | | | | So, if you've been unsure whether bankruptcy |
| - Personal injury compensation payments up to | | | | could be the right step for you because you |
| $20,200, wrongful death payments, crime victims' | | | | thought you would lose everything, consider |
| compensation, public assistance, social security, | | | | consulting with a reputable bankruptcy attorney |
| unemployment compensation, and veterans' | | | | today to find out whether it could be the perfect |
| benefits | | | | option to end the economic stress and hassle |
| - Tools of trade up to $20,200 | | | | you've been buried under. |