Texas Bankruptcy Laws
Texas bankruptcy laws are different from those of other states. It is important that as a citizen of this state, you know the laws so that you are well informed and be able to defend yourself properly and gain favor with the bankruptcy courts. It is important to also be able to know how to use the laws to your benefit. The state of Texas has set a specific set of laws that are followed by the twenty courts that are found in that state.
Texas bankruptcy laws provides an exemption to personal property when a bankruptcy case is filed. This type of law is determined by the debtors financial status. Adults who are single and are not members of a family or are yet to have families are entitled to the property in a market value of a maximum of $30,000.00,this means that they can be charged something less to that amount. The law only applies to the citizens of that state. For those who have filed for bankruptcy but are adults who have families, the cap is $ 60,000.00.
Texas bankruptcy laws give categories by which the bankrupt can file for exemption cap. The categories cover the applicant income or their financial wages, their vehicles or the properties in their homes. The law could also exempt the applicant on their life insurance policy. The allocation also allows the applicant to give only 25% of their commission if they are yet to receive those services. The laws also allow the applicant to give only 25% of their treasured possessions such as jewelry instead of the whole treasure.
Texas bankruptcy laws do not provide exceptions to self employed individuals. The state considers this kind of individuals to be independent and is therefore able to pay their wages. The laws however exempt individuals who are not self employed but however work for an organization or company. The state exempts such individuals from payment of the wages. Texas bankruptcy laws also prevent a debtor from harassment from the creditor and people that they owe. The order from the bankruptcy court cannot ask the employer to relinquish the debtor pay slip from their employer. The debtor assets and their retirement are not subject to the laws.
The laws also exempt the health aids that are prescribed by them regardless of their value. They are exempted from the debtors spouse or any dependants that they may have. The debtor is also exempted from the benefits of insurance that they may have. Those who are in the military are also exempted from their properties.