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Bankruptcy Exemptions

You need a Fort Worth bankruptcy attorney when dealing with state bankruptcy laws. While there are federal bankruptcy laws that apply from state to state, bankruptcy differs at least a little in every state and you need a Fort Worth bankruptcy attorney well versed in Texas bankruptcy law if you intend to file in that state. One of the main areas of bankruptcy law that you might find difficult and will almost definitely need to hire a Fort Worth bankruptcy attorney for is in dealing with bankruptcy exemptions.

There is a set of federal bankruptcy exemptions and also there tends to be a set of bankruptcy exemptions particular to each individual state. Many states allow you to use both federal bankruptcy exemptions and state bankruptcy exemptions. Several states require you to choose between using only federal bankruptcy exemptions or using only state bankruptcy exemptions. Some states opt out of the federal bankruptcy exemption scheme altogether and only allow you to use state bankruptcy exemptions.

The state of Texas requires you to choose between using federal bankruptcy exemptions and state bankruptcy exemptions. Federal bankruptcy exemptions include: homestead, personal property, insurance, public benefits, and a wild card of $925 of any personal property. State bankruptcy exemptions cover the same areas, but differ in the particulars and do not include a wild card.

If you choose to use state bankruptcy exemptions, you are allowed to also use supplement federal bankruptcy exemptions. Supplement federal bankruptcy exemptions include: retirement benefits, death and disability benefits, survivors benefits, and miscellaneous benefits. None of these are exhaustive lists of either federal or state bankruptcy exemptions.

You cannot expect to use all of the bankruptcy exemptions available to you in your bankruptcy case. You will only use those that apply to the specifics of your bankruptcy and your financial situation.

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For experienced, knowledgeable and trustworthy bankruptcy assistance, contact the attorneys from www.legalhelpers.com. Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 offices across the country.
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