Chapter 7 Exemption of Bank Accounts

[cz3ch]

How does exemption work on bank accounts? I'm filing a chapter 7 bankruptcy and my lawyer has listed my main account which totals around 10,000 for exemption. This is my life savings and if they took it I'd be totally screwed beyond belief. How is the lawyer able to list such an amount for exemption? I've read other places where bank accounts with higher balances were exempted but I'm trying to figure out how that process works.

Thanks in advance!

[tobee43]

here's info for texas ...you can run the means tests yourself and also check out what and what is not exempt:

http://www.legalconsumer.com/bankruptcy/means-test/state.php?st=TX

[cz3ch]

here's info for texas ...you can run the means tests yourself and also check out what and what is not exempt:

My lawyer has already ran the means test on me and I qualify for a chapter 7 and she claims my bank account is exempt property along with my primary vehicle. My 6 months average is under the means test. I'm just trying to figure out how they determine I can keep my bank account. My lawyer says it's exempt but I'm just trying to figure out how that's determined. Also my net leftover funds after the means test equals 76$/month which is under the 117$ requirement to push into Chapter 13. I don't see anywhere that lists exemptions, sorry.

[tobee43]

My lawyer has already ran the means test on me and I qualify for a chapter 7 and she claims my bank account is exempt property along with my primary vehicle. My 6 months average is under the means test. I'm just trying to figure out how they determine I can keep my bank account. My lawyer says it's exempt but I'm just trying to figure out how that's determined. Also my net leftover funds after the means test equals 76$/month which is under the 117$ requirement to push into Chapter 13. I don't see anywhere that lists exemptions, sorry.

that's why i gave you the link. you can read about what is and what is NOT exempt in our country in TX. if you atty ran everything and you still have a questions you really should call them back and have them clarify any questions you are not certain of. you should feel comfortable about what you are doing, but also have a full understanding as to why you were told this or that. not that you can't find answers on the forum, however, each case is unique in it's on right.

[cz3ch]

that's why i gave you the link. you can read about what is and what is NOT exempt in our country in TX. if you atty ran everything and you still have a questions you really should call them back and have them clarify any questions you are not certain of. you should feel comfortable about what you are doing, but also have a full understanding as to why you were told this or that. not that you can't find answers on the forum, however, each case is unique in it's on right.

Thanks Tobee43. Yes, she ran the means test and my exemptions and said it would not be a problem. Perhaps I should have asked how the exemptions work in more detail to put me at ease. I'll email my lawyer with those questions to help put my worries to rest.

[tobee43]

that's a great idea. i remember emailing maybe 20 times a day my poor atty.


it's always best to get it directly from the horses mouth. i'm certain everything will go perfect!

[keepmine]

You probably are using Fed. exemptions.
Tx. allows you to choose between state or fed. The fed. exemption allows for over $10K of any property to be exempted if, you have unsused homestead.