Law Office of Jason A. Nordsell
Law Office of Jason A. Nordsell

Exemptions

This is a list of the most common exemptions claimed by Texas individuals in bankruptcy:

 

Homestead - The value is unlimited as long as the homestead is less than 1 acre in a town/city, and 100 acres in a rural area (200 for families).  This exemption also applies to proceeds of a sale of homestead for 6 months after the sale.

 

Personal Property - includes athletic/sporting equipment; two firearms; home furnishings; family heirlooms; food; clothing; and jewelry that does not exceed 25% of the total exemptions; a motor vehicle per member of family that holds a drivers license; 2 horses, mules or donkeys; 12 head of cattle; 60 head of other livestock; 120 fowl; pets (maximum value of $30,000, or $60,000 for head of family).

 

Business Partnership - Property of the business partnership

 

Tools of Trade - Tools, equipment and books

 

Wages - Earned but unpaid wages are completely exempt; unpaid commissions are exempt up to 75%.

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Principal office located in Addison, Texas

 

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