What items are exempt from Chapter 7 filings?

Exempt property (items that a debtor may usually keep) can include:

Motor vehicles, up to a certain value.
Reasonably necessary clothing.
Reasonably necessary household goods and furnishings.
Household appliances.
Jewelry, up to a certain value.
Pensions.
A portion of equity in the debtor’s home.

What does Family Code Chapter 7.award of marital property?

Added by Acts 1997, 75th Leg., ch. 7, Sec. 1, eff. April 17, 1997. Sec. 7.004. DISPOSITION OF RIGHTS IN INSURANCE. In a decree of divorce or annulment, the court shall specifically divide or award the rights of each spouse in an insurance policy. Added by Acts 1997, 75th Leg., ch. 7, Sec. 1, eff. April 17, 1997. Sec. 7.005.

Can a Chapter 7 case be converted to a Chapter 11 case?

In order to accord the debtor complete relief, the Bankruptcy Code allows the debtor to convert a chapter 7 case to a case under chapter 11, 12, or 13 (6) as long as the debtor is eligible to be a debtor under the new chapter.

What makes a marital property a separate property?

(1) property that was acquired by the spouse while domiciled in another state and that would have been the spouse’s separate property if the spouse had been domiciled in this state at the time of acquisition; or

When does a court order a division of marital property?

In a decree of divorce or annulment, the court shall order a division of the estate of the parties in a manner that the court deems just and right, having due regard for the rights of each party and any children of the marriage. Added by Acts 1997, 75th Leg., ch. 7, Sec. 1, eff. April 17, 1997. Sec. 7.002.

Are there any Chapter 7 exemptions in Texas?

Texas Chapter 7 Bankruptcy Exemptions. In fact, most Texans who file a Chapter 7 Bankruptcy get to keep everything they own.

Can you mix Texas exemptions with federal statutes?

However, you cannot mix the Texas exemptions with Federal statutes because you have to choose one scheme. Any equity you have in the property is subject to an exemption limit. The difference between the value of the property and what is owed on the property is what is called equity.

What is the presumption of community property in Texas?

Sec. 3.003. PRESUMPTION OF COMMUNITY PROPERTY. (a) Property possessed by either spouse during or on dissolution of marriage is presumed to be community property. (b) The degree of proof necessary to establish that property is separate property is clear and convincing evidence.

Can you file Chapter 7 bankruptcy in Texas?

In fact, most Texans who file a Chapter 7 Bankruptcy get to keep everything they own. The Chapter 13 filers in most cases do not have to worry about paying for non-exempt property. You have the choice of using the federal exemption statutes instead of the Texas exemptions.