What happens to my healthaid after bankruptcy in Texas?
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Most people use the 11 U.S.C. § 522(d)(3) exemption to cover their healthaid in Texas Chapter 7 bankruptcy cases.
Texas allows the use of federal exemptions. You will have to check whether the state of federal exemption scheme is better for your assets and case. Many people in Texas who don’t own real estate choose the federal exemptions.
Under that scheme, most people use 11 U.S.C. § 522(d)(3) to exempt healthaid in Texas bankruptcy cases.
11 U.S.C. § 522(d)(3) is typically used to cover household goods, one computer, tv, vcr, and radio, electronics, antiques, books, musical instruments, clothes, wedding rings, non-farm animals. max $625 per item.. For single debtors filing, it has a coverage limit of $13,400. If your assets go over this limit, they may be able to be seized by a trustee.
Here is a list of some statutes available in Texas that are available for filers.
It is worth taking your time on these exemptions. If you do not cover an asset with an exemption in a Texas bankruptcy case, it may be seized by a trustee. If you do not feel comfortable with these decisions and want assistance, read more about exemptions or consider using our free bankruptcy help.
What are federal exemptions?
Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy exemptions. Although some states allow you to use the federal bankruptcy exemptions, others do not.
When filing Chapter 7 or Chapter 13 bankruptcy you must report your assets. Exemptions are the laws that allow you to protect those assets from being taken by a Trustee. Take your time with this so you avoid losing property.