Federal Bankruptcy Exemptions Houston Texas
My name is Eric Southward and I am a bankruptcy attorney who practices in Houston, Texas. I office at 2909 Hillcroft Suite 350. You may reach me at (713) 974-1151. In Texas you may choose between Federal of State Exemptions. this article outlines the Federal Bankruptcy Exemptions which are only available to residents of the following states:
Arkansas, Connecticut, District of Columbia (Washington D.C.),Hawaii, Massachusetts,
Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Rhode Island, South
Carolina, Texas, Vermont, Washington, and Wisconsin.
Married couples filing jointly may double the exemption amounts listed. Note: Certain taxexempt pension plan and IRA exemptions are available to all taxpayers.
Benefits: Crime victims compensation (unlimited amount):11 United States Code
522(d)(11)(A); Public assistance (unlimited amount): 11 United States Code 522(d)(10)(A);
Unemployment compensation (unlimited amount):11 United States Code 522(d)(10)(A);
Social Security (unlimited amount): 11 United States Code 522(d)(10)(A); Veterans benefits
(unlimited amount): 11 United States Code 522(d)(10)(B).
Insurance: Disability, illness,or unemployment benefits (unlimited amount): 11 United
States Code 522(d)(10)(C);Life insurance proceeds (amount needed for support): 11 United
States Code 522(d)(11)(C); Life insurance policy loan value, dividends, or interest (up to
$10,775):11 United States Code 522(d)(8); Unmatured life insurance contract (unlimited
amount, but not credit insurance policy): 11 United States Code 522(d)(7).
Miscellaneous: Alimony and child support (amount needed for support): 11 United
States Code 522(d)(10)(D); Any property (up to $1,075): 11 United States Code 522(d)(5);
Pensions: Retirement benefits (amount needed for support): 11 United States Code
522(d)(10)(E). Note: The following exemptions are available to all taxpayers: Tax exempt
retirement accounts (including 401K, 403B, profit-sharing plans, money-purchase plans,
SEP IRAs, Simple IRAs, and defined-benefit plans (unlimited amounts): 11 United States
Code 522(b)(3)(c); Traditional IRAs and Roth IRAs (up to $1,095,000 per person): 11 United
States Code 522(b)(3)(c)(n).
Personal Property: Animals, appliances, books, clothing, crops, furnishings, household
goods, and musical instruments (up to $525 per item and up to $10,775 total): 11 United
States Code 522(d)(3); One motor vehicle (up to $3,2250): 11 United States Code 522(d)(2);
Burial plot ($15,000 in lieu of real estate exemption): 11 United States Code 522(d)(1);
Health aids (unlimited amount): 11 United States Code 522(d)(9); Implements,books,and
tools of a trade (up to $2,025): 11 United States Code 522(d)(6); Jewelry (up to $1,000):
11 United States Code 522(d)(4); Lost earnings payments (unlimited amount): 11 United
States Code 522 (d)(11)(E); Personal injury recoveries (up to $20,200, but not for pain
and suffering or pecuniary loss): 11 United States Code 522(d)(11)(D); Wrongful death
recoveries (amount needed for support): 11 United States Code 522(d)(11)(B); May use up
to $10,125 of any unused homestead (real estate) exemption for any property: 11 United
States Code 522(d)(5).
Real Estate: Real property, co-op,or mobile home (up to $20,200): 11 United States Code
522(d)(1); May use up to $10,125 of any unused homestead (real estate) exemption for any
property: 11 United States Code 522(d)(5).
Wages: None.
It is important to note that if a specific dollar amount is not listed next to an item, the entire value of the property is exempt. For example, below there is not a dollar amount next to “health aides” which means you get to keep all health aides regardless of value.
The federal bankruptcy exemptions are listed in United States Bankruptcy Code 11 United States Code Sec. 522(d)] and are as follows:
Homestead Exemption: Real property, including mobile homes and co-ops, or burial plots up to $21,625. Unused portion of homestead, up to $10,825, may be used for other property [522(d)(1) and (5)]
Personal Property:
Motor vehicle up to $3,450 [522(d)(2)]
Animals, crops, clothing, appliances and furnishings, books, household goods, and musical instruments up to $550 per item up to $11,525 total [522(d)(3)]
Jewelry up to $1,450 [522(b)(3)(C)]
Health aids [522(d)(9)]
Wrongful death recovery for person you depended upon [522(d)(11)(B)]
Personal injury recovery up to $21,625 except for pain and suffering or for pecuniary loss [522(d)(11)(D)]
Lost earnings payments [522(d)(11)(E)]
Pensions:
Tax exempt retirement accounts including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans [522(b)(3)(C)]
IRAS and Roth IRAs to $1,171,650 [(522(b)(3)(C)(n)]
Public Benefits: Public assistance, social security, veteran’s benefits, unemployment compensation [522(d)(10)(A)]
and crime victim’s compensation [522(d)(11)(A)]
Tools of Trade: Implements, books and tools of trade, up to $2,175 [522(d)(6)]
Alimony and Child Support: Alimony and child support needed for support [522(d)(10)(D)]
Insurance:
Unmatured life insurance policy except credit insurance [522(d)(7)]
Life insurance policy with loan value up to $11,525 [522(d)(8)]
Disability, unemployment or illness benefits [522(d)(10)(C)]
Life insurance payments for a person you depended on, which you need for support [522(d)(11)(C)]
Wildcard: $1,150 of any property, and unused portion of homestead up to $10,825 [522(d)(5)]
Our toll-free telephone number is at 1-866-912-9832. You need to learn about all of your options including information about credit, debt, bill consolidation services and federal bankruptcy law. Please call us at 1-866-912-9832 so that we can discuss your case. You can also visit our web site: www.busby-lee.com. Our attorney fees are reasonable, competitive, and court- approved. It is important that you call us soon. Our office is conveniently located near the Galleria and Highway 59 on Hillcroft between Richmond and Westheimer. We also maintain a branch Katy, Texas office at 1804 Snake River Road, Suite, C Katy, Texas 77449 Call us toll-free at 1-866-912-9832 for directions to our office.
We provide bankruptcy services in the greater Houston metro area including the cities of Katy, Sugarland, Pearland, Friendswood, Clear Lake and Galveston. We also handle cases from The Woodlands, Spring and Tomball and cases in Baytown and Channelview.
We handle bankruptcy cases in all of these counties: Brazoria, Chambers, Galveston, Matagorda, Austin, Brazos, Colorado, Fayette, Fort Bend, Grimes, Harris, Madison, Montgomery, San Jacinto, Walker, Waller, Wharton
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