If you find yourself considering either a Chapter 7 or Chapter 13 bankruptcy , you may be wondering what assets the creditors may seize or what possessions can be saved. Allmand wants you to be aware of certain exemptions both federal and within the state of Texas. Allmand Law wants to help you in any way they can with your bankruptcy, foreclosure , and more. In educating you about these exemptions they offer helpful information found on their website. Some of these exemptions include the Texas Homestead Exemption, Personal Property Exemption, Veterans Exemption, Texas Crime Victims Award Exemption, and many more.
Texas Homestead Exemption
Under this exemption those who file for bankruptcy are protected with an unlimited amount if qualified. Some of the qualifications include the property being less than 1 acre and you must be a resident in Texas for at least two years. Allmand Law can help to determine if you qualify for this exemption.
Personal Property Exemption
This type of exemption can help both single adults and families. It can help to save home furnishings such as heirlooms, as well as jewelry, farming vehicles, firearms, tools of trade, and more. Allmand Law can help to explain this exemption further so that you understand how it can help your family.
Retirement Plan Exemption
The Retirement Plan Exemption can defer taxes on the retirement plan created by employers. For example a 401(k) or profit-sharing can be saved from being seized by creditors. Just as all the exemptions, there are requirements but Allmand Law can explain these to you.
Allmand Law can also explain this particular exemption. For example if you are a veteran who has filed for bankruptcy this exemption can help so that your monthly funds are protected. One of the requirements is that the funds must be a claim for child support payments. If this is the case creditors cannot touch these funds.
Insurance Benefits Exemption
According to Texas bankruptcy law, this exemption states that insurance benefits cannot be seized to pay back debts. However, the exemption is not allowed if fraudulent activity is detected, as well as other requirements. There are many laws that also involve retired employees of public schools, employees of universities or colleges, and so on. To help better understand insurance policies in regards to a bankruptcy, ask Allmand Law.
Texas Crime Victims’ Award Exemption
This exception is an award from the Crime Victim’s Reparation Law. What this means is if your family has suffered from a crime and is awarded money, that money may be protected under this exemption. A wrongful death or bodily injuries are just some examples of circumstances which would pay you and your family money. If you qualify, the funds you received or currently receive can be protected. To know for sure if you can use this exemption just ask Allmand Law.
Allmand Law wants what is best for you and your family. They will do all they can to find and use exemptions that pertain to your circumstance. Keeping what is rightfully yours is always the first concern when it comes to foreclosures but with the help of Allmand Law, you know you are being protected as much as possible!