Exemptions or Assets that can be kept in a bankruptcy
In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment.
- A debtor's homestead ($10,000.00 per Debtor) and one or more lots used for a place of burial of the dead are exempt from seizure for the claims of creditors. If used for the purposes of an urban home or as a place to exercise a calling or business in the same urban area, the homestead of a family or a single, adult person, not otherwise entitled to a homestead, consists of not more than one acre of land which may be in one or more lots, together with any improvements thereon. If used for the purposes of a rural home:
- the homestead consists of: for a family, not more than 200 acres, which may be in one or more parcels, with the improvements thereon; or
- for a single, adult person, not otherwise entitled to a homestead, not more than 100 acres, which may be in one or more parcels, with the improvements thereon.
Personal property of a debtor may be exempt from garnishment, attachment, execution or other seizure.
- Property may include:
- home furnishings, including family heirlooms; provisions for consumption; farming or ranching vehicles and implements; tools, equipment, books, and apparatus, including boats and motor vehicles used in a trade or profession; wearing apparel; jewelry not to exceed 25 percent of the aggregate limitations prescribed by Section 42.001(a);
- two firearms;
- athletic and sporting equipment, including bicycles;
- a two-wheeled, three-wheeled, or four-wheeled motor vehicle for each member of a family or single adult who holds a driver's license or who does not hold a driver's license but who relies on another person to operate the vehicle for the benefit of the nonlicensed person;
- certain animals and forage on hand for their consumption;
- household pets;
- present value of any life insurance policy to the extent that a member of the family of the insured or a dependent of a single insured adult claiming the exemption is a beneficiary of the policy.
- Other personal property, which may be exempt from seizure, may include current wages for personal services,
- professionally prescribed health aids of a debtor or a dependent,
- alimony, support, or separate maintenance received or to be received by the debtor or for the support of his dependent,
- qualified retirement plan, annuity or account.
If you need relief from harassing creditors, Rowland & Yauger invite you to contact our office for a free consultation to learn how we can assist you in handling this matter. Contact us or call our office at 910-947-2280 or toll free at 888-850-0274.