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Re: BK7 and stocks


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Posted by LadynRed (199.91.33.254) on April 15, 2003 at 12:33:12:

In Reply to: Re: BK7 and stocks posted by eric on April 15, 2003 at 11:41:29:

Exempt assets - whatever is allowed as exempt in TX and you can get it included in the total personal property exemption amount. You'd be better off spending it on necessities - like dental work or other similar things. Selling an asset like stocks can look bad, but if you use the cash for necessities and exempt items, there's not a whole lot they can say about it. Texas has a VERY generous exemption for personal property (30K), but you can only use 25% of that for household-type stuff:

"Athletic and sporting equipment, including bicycles; 2 firearms; home furnishings, including family heirlooms; food; clothing; jewelry (not to exceed 25% of total exemption); "

Paying off the car, even though exempt, would be a lump sum preferential payment to a creditor - you don't want to do that.




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