Many individuals expect that they will lose a majority of their property if they decide to file for bankruptcy. However, in a recent amendment to Section 42.001(a) of the Texas Property Code, the exemption for personal property has been increased and is a welcome development for those considering filing for bankruptcy protection. The new amounts have been raised to $100,000 for families and $50,000 for individuals, a significant increase from the former amounts of $60,000 for families and $30,000 for individuals.
Although this law does not apply to bankruptcy cases filed before September 1, 2015, it will apply to cases filed after. With the personal property exemption increase, filing for bankruptcy has become an even more viable way to begin rebuilding your life and your finances. Filing for bankruptcy can be a confusing and complicated process, making the assistance of an experienced attorney essential. If you are considering filing for bankruptcy in the Waco or Killeen areas, contact Erin B. Shank, P.C., at (254) 690-4110 to begin discussing your options.