Texas Schedule C: The Property You Claim as Exempt (individuals)
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How to fill out Texas Schedule C: The Property You Claim As Exempt (individuals)?
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FAQ
Real Property: The Texas Homestead Exemption If you reside in a city, town, or village, the Texas homestead exemption protects your property if you own 10 acres or less. If you live in a rural area, you can protect up to 100 acres.
Exempt property is any property that creditors cannot seize and sell in order to satisfy debt during chapter 7 or chapter 13 bankruptcy. The type of property exempted differs from state to state but often includes clothes, home furnishings, retirement plans, and small amounts of equity in a house and car.
Texas exempt property includes: The primary residence of a debtor (the ?homestead?) Cemetery plots purchased and intended for use by the family. Up to $50,000 of personal property for an individual.
Property That Is Not Exempt Expensive musical instruments, unless the debtor is a professional musician. Collections of stamps, coins, and other valuable items. Family heirlooms. Cash, bank accounts, stocks, bonds, and other investments.
Some examples of nonexempt assets include: Valuable collections (stamp or coin collections) Family heirlooms (antique furniture, etc.) Investments outside of retirement accounts. Valuable artwork.
Nonexempt assets are those that can be sold by the trustee assigned to your case by a bankruptcy court. In a Chapter 7 bankruptcy, the proceeds from the sale of these assets are used to pay off, or partially pay off, some or all of your creditors.