Legal Question in Bankruptcy in Texas

TX Bankruptcy Exemptions

What are the TX bankruptcy asset exemptions for a single person? If the personal exemption is $30,000, is that $30,000 for a single person or $15,000? What is the more common exemption choice a TX resident usually chooses - the federal or the state? Also, any thoughts on when these new bankruptcy bills (like S.1301) will go into effect?

Thanks


Asked on 5/22/98, 7:24 pm

1 Answer from Attorneys
Weston Cotten Weston Cotten Attorney at Law

Texas Bankruptcy Exemptions

$30,000.00 for a single person, $60,000.00 for a couple. The only reason anyone in Texas would choose the federal exemptions is that they have some cash to protect. Texas residents almost always choose the Texas exemptions. Look at the differences between the two The proposed rules could come into play at any time congress in thier collective idiocy decides to cave in to the banks.

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Answered on 6/18/98, 7:36 pm


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