Below is a list outlining the bankruptcy exemptions allowed on a federal level. For most people Texas Bankruptcy Exemptions would provide more benefits than the federal. However, there are certain circumstances where one cannot avail of the Texas exemptions in which case the federal exemptions should be availed of. Please don't hesitate to contact us with any questions you may have.

ASSET	EXEMPTION
Homestead	Real property, mobile home, co-op, or burial plot: up to $20,200. Up to $10,125 of this amount may be used as a wildcard and applied to any kind of property
Insurance	Life insurance contract (not matured): all except credit insurance policies Life insurance policy loan value and accrued dividends: up to $10,755 Unemployment, disability, and illness benefits: all Life insurance payments from a policy taken out on someone the debtor depended on: all necessary for support
Miscellaneous	Child support and alimony: all necessary for support
Pensions	Tax exempt retirement accounts (which include 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined-benefit plans): all IRAs and Roth IRAs: up to $1,095,000 per person
Personal Property	Motor vehicle: up to $3,225 Household goods, appliances, furnishings, clothing, books, musical instruments, animals, crops: up to $525 per item and up to $10,775 total Jewelry: up to $1,350 Health aids: all Recovery for the wrongful death of a person on whom the debtor depended: all Recoveries for personal injury (excluding amounts for pain and suffering and pecuniary loss): up to $20,200 Payments for lost earnings: all
Public Benefits	Public assistance benefits: all Social Security benefits: all Unemployment compensation benefits: all Veterans’ benefits: all Crime victim compensation: all
Tools of Trade	Implements, tools, and books: up to $2,025
Wages	No exemption
Wildcards	Any property: up to $1,075 Any property: up to $10,125 of the unused homestead exemption

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Federal Bankruptcy Exemptions

FEDERAL BANKRUPTCY EXEMPTIONS