Federal Exemptions

Texas State law allows people who are seeking relief under the Bankruptcy Code and who have lived in Texas for the 730 days prior to the date the bankruptcy to claim Federal Bankruptcy Exemptions. The following property may be exempted by an individual debtor under the Federal Bankruptcy Exemptions. The amounts are doubled for spouses filing joint bankruptcy petitions:

Homestead Protection: The debtor’s aggregate interest, not to exceed $20,200 in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor is exempt from seizure.

Motor Vehicle Protection: The debtor’s interest, not to exceed $3,225 in value, in one motor vehicle is exempt from seizure.

Household Goods Protection: The debtor’s interest, not to exceed $525 in value in any particular item or $10,775 in aggregate value, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor is exempt from seizure.

Jewelry Protection: The debtor’s aggregate interest, not to exceed $1,350 in value, in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor is exempt from seizure.

Wildcard Exemption: The debtor’s aggregate interest in any property, not to exceed in value $1,075 plus up to $10,125 of any unused amount of the exemption provided under paragraph (1) of this subsection is exempt from seizure.

Tools of Trade Protection: The debtor’s aggregate interest, not to exceed $2,025 in value, in any implements, professional books, or tools, of the trade of the debtor or the trade of a dependent of the debtor is exempt from seizure.

Unmatured Life Insurance Contract Protection: Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract is exempt from seizure.

Life Insurance Cash Value Protection: The debtor’s aggregate interest, not to exceed in value $10,775 less any amount of property of the estate transferred in the manner specified in section 542(d) of this title, in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor under which the insured is the debtor or an individual of whom the debtor is a dependent is exempt from seizure.

Health Aid Protection: All professionally prescribed health aids for the debtor or a dependent of the debtor are exempt from seizure.

Social Security Protection: The debtor’s entire right to receive a social security benefit is exempt from seizure.

Unemployment Benefit Protection: The debtor’s entire right to receive unemployment compensation, an unemployment benefit, or a local public assistance benefit is exempt from seizure.

Veterans Benefit Protection: The debtor’s entire right to receive a veteran’s benefit is exempt from seizure.

Disability and Illness Benefit Protection: The debtor’s entire right to receive a disability or illness benefit is exempt from seizure.

Alimony, Support and Maintenance Protection: The debtor’s right to receive alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor is exempt from seizure.

Stock Bonus, Pension, Profit-Sharing and Annuity Protection: The debtor’s right to receive a payment under a stock bonus, pension, profit-sharing, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, unless (i) such plan or contract was established by or under the auspices of an insider that employed the debtor at the time the debtor’s rights under such plan or contract arose; (ii) such payment is on account of age or length of service; and (iii) such plan or contract does not qualify under section 401(a), 403 (a), 403(b), or 408 of the Internal Revenue Code of 1986 is exempt from seizure.

Crime Victim’s Reparation Award Protection: The debtor’s right to receive or property that is traceable to an award under a crime victim’s reparation law is exempt from seizure.

Wrongful Death Payment Protection: The debtor’s right to receive or property that is traceable to a payment on account of the wrongful death of an individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor is exempt from seizure.

Life Insurance Death Benefit Protection: The debtor’s right to receive, or property that is traceable to a payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent on the date of such individual’s death, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor is exempt from seizure.

Personal Injury Protection: The debtor’s right to receive, or property that is traceable to a payment, not to exceed $20,200, on account of personal bodily injury, not including pain and suffering or compensation for actual pecuniary loss, of the debtor or an individual of whom the debtor is a dependent is exempt from seizure. A payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent is exempt from seizure, to the extent it is reasonably necessary for the support of the debtor and any dependent of the debtor.

Retirement Plan Protection: Retirement funds to the extent that those funds are in a fund or account that is exempt from taxation under section 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code of 1986 are exempt from seizure; provided, however, that for assets held in IRA accounts described in section 408 or 408A of the Internal Revenue Code of 1986, other than a simplified pension pan under section 408(k) of such Code or a simple retirement account under section 408(p) of such Code, the aggregate value of such assets exempted, without regard to amounts attributable to rollover contributions under section 402(c), 402(e), 403(a)(4), 403(a)(5), and 403(b)(8) of the Internal Revenue Code of 1986, and earnings thereon, shall not exceed $1,095,000 in a case filed by a debtor who is an individual, except that such amount may be increased if the interests of justice so require.