If you live in a state that allows you to use the bankruptcy code exemptions, such as Texas, or you are otherwise eligible for the bankruptcy code exemptions, you can keep up to about $11,000 for single filers or $22,000 if married filing together.
This is because of the Section 522(d)(5) wild card exemption which allows you to use the unused portion of the homestead exemption for any type of property. The wildcard is very handy and you can use it in combination with other of the bankruptcy code exemptions, as well as tenancies by the entirety and the special retirement exemptions which apply regardless of which exemption scheme you choose.
The bottom line is that if ýou are eligible to use the bankruptcy code exemptions, you can keep a lot of cash.
Bankruptcy FAQ – Frequently Asked Questions
by Alex Wathen, Board Certified Consumer Bankruptcy Law – Texas Board of Legal Specialization
- Learn More About Bankruptcy
“Honest people are routinely taken advantage of by powerful banks and finance companies who know the rules. I work to level the playing field.”
Alex Wathen, San Antonio Bankruptcy Attorney-Lawyer
San Antonio: 11550 IH 10 West, Suite 180, San Antonio, TX 78230 (210) 853-5828 Make an appointment!
Austin: 11782 Jollyville Road, Austin, TX 78759 (512) 391-1886 Make an appointment!
Houston: 10333 Northwest Freeway, Suite 503, Houston, TX 77092 (281) 999-9025 Make an appointment!
Dallas: 4054 McKinney Avenue, Suite 303, Dallas, TX 75204 (214) 252-0042 Make an appointment!
Meetings with Alex Wathen in all the offices is only by appointment. Telephone appointments are also available. Principal office located in Round Rock, Texas.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
- Categories
- Recent Posts
- Sealed Congressman Hinojosa Documents Unveiled by Bankruptcy Attorney Alex Wathen
- I actually filed a case that got case number 11-11111
- Judge Holds Hearing on the Sealing of Congressman Ruben Hinojosa’s Bankruptcy Petition
- Congressman Ruben Hinojosa (who voted for the BAPCPA bankruptcy reform bill in 2005) Chpater 11 Bankruptcy: Read the documents
- Good news for those in Chapter 13: While Lowe’s lays off middle management, they will hire 8,000 – 10,000 new part time staff for weekends
- Archives
- Blogroll
- Pages
- Tags
- Categories