Everyone knows that there are rules that have to be followed when it comes to bankruptcy. Some people know a little more than others, and realized that there are some exemptions regarding what they will have to forfeit in their bankruptcy actions. What many don’t realize that when it comes to exemptions there are Federal
Everyone knows that there are rules that have to be followed when it comes to bankruptcy. Some people know a little more than others, and realized that there are some exemptions regarding what they will have to forfeit in their bankruptcy actions. What many don’t realize that when it comes to exemptions there are Federal exemptions and there are also State exemptions.
Right To Ride
Texas has its own rules when it comes to the various types of exemptions, and this includes exemptions for motor vehicles. Usually the vehicles are one of the types of properties that many people worry about losing. More often than not this is secured property. This means that the creditor can hold the property as security and if the payments are not made then the creditor can seize the vehicle.
Each state is different when it comes to what value they will place on a vehicle for exemption purposes. In Texas the State laws pertaining this are quite liberal. In most cases it will allow the entire value of one of the household vehicles to be total exempt for each licensed household member. In some cases an unlicensed household member has to rely on someone else to operate the vehicle for them. In this case that vehicle will fall into the Texas motor vehicle exemption rules.
It should never be assumed what will and will not be exempted in any form of bankruptcy or in any State. It is most important to use the services of an experienced bankruptcy attorney in Kentucky to handle this matter for you.
