Property Exemptions

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Author:
nikizalez
ID:
108288
Filename:
Property Exemptions
Updated:
2011-10-11 22:29:04
Tags:
Property
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Description:
Property Code
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  1. Sec. 42.001. PERSONAL PROPERTY EXEMPTION

    (b) The following personal property is exempt from seizure and is not included in the aggregate limitations prescribed by Subsection (a):

    (1) current wages for personal services, except for child support payments;
    (2) prescribed health aids;
    (3) alimony, support, or separate maintenance; and
    (4) a religious bible or other book containing sacred writings of a religion
  2. Homestead exemption protects a certain amount of 1.__ from seizure by certain 2.__.

    And how much?

    Urban:
    Rural:
    • 1. real estate
    • 2. creditors

    • URBAN: 1 acre - family or single adult
    • RURAL: 200 acres family or 100 acres single adult
  3. Personal Property Exemption protects a certain amount of 1.__ from seizure by certain 2.__.

    And how much?
    • 1. personal property
    • 2. creditors

    • Family - $60,000
    • Single Adult - $30,000

    • PLUS:
    • (1) home furnishings; (2) provisions for consumption; (3) farming vehicles; (4) tools, equipment, including boats used for profession; (5) clothing; (6) jewelry not >25% of the aggregate limitations; (7) two firearms; (8) athletic equipment, bicycles; (9) a 2-wheeled, 3-wheeled, or 4-wheeled vehicle for each family member or single adult w/ DL or w/o a DL but who relies on another person to drive;(10) animals and forage for consumption: (A) two horses, mules, or donkeys and a saddle, blanket, and bridle for each; (B) 12 head of cattle; (C) 60 head of livestock; (D) 120 fowl; and (11) household pets.
  4. Is a retirement plan exempt from seizure from creditors?
    Yes

    However, contributions to an IRA or annuity that exceed amounts deductible under IRS code and any accrued earnings on such contributions are not exempt.

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