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Honestly, why do I get conflicting answers to EACH lawyer I


JillWelc
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talk to.

I have decided to File bankruptcy....to get a new start. I went and talked to an Attorney. He told me the ONLY problem he see's is my husbands 4-wheeler (It's about 2 years old and paid for). However, he said if we had 3 licensed drivers in the home, that it wouldn't be a problem. So my 15 YO is in drivers ed now and is about to get her permit. I was waiting for that and then I was going to file. In the mean time, my husband wanted me too look in the green sheet and phone book and call some other "cheaper" Lawyers. So all day today I'm on the phone talking to Attorney and they ALLLLL tell me something different. One tells me you can have up to 4 vehicles....another tells me that a 4 wheeler is a recreational vehicle and it dosn't matter wether we have 3 drivers or not.....the trustee will take it and sell it. One lawyer tells me I can have recreational vehicles.....the other says I can take out a loan on it then pay the loan off after I fille bankruptcy :x:x This is driving me nuts. I would really like to go with one of the Lawyers I "found" in the GreenSheet....because he is so much cheaper.....but I'm afraid he might be giving me some wrong advice. Does anyone know if they will take the 4 wheeler? I live in Texas

Thanks

Jill

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Exemptions for Texas from Lawdog.com

In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment.

A debtor's homestead and one or more lots used for a place of burial of the dead are exempt from seizure for the claims of creditors. (Prop. C. 41.001.) If used for the purposes of an urban home or as a place to exercise a calling or business in the same urban area, the homestead of a family or a single, adult person, not otherwise entitled to a homestead, consists of not more than one acre of land which may be in one or more lots, together with any improvements thereon. (Prop. C. 41.002(a).) If used for the purposes of a rural home, the homestead consists of:

(1) for a family, not more than 200 acres, which may be in one or more parcels, with the improvements thereon; or

(2) for a single, adult person, not otherwise entitled to a homestead, not more than 100 acres, which may be in one or more parcels, with the improvements thereon. (Prop. C. 41.002(B).)

Personal property of a debtor which may be exempt from garnishment, attachment, execution or other seizure may include property having an aggregate fair market value of not more than $60,000, exclusive of liens, security interests, or other encumbrances if it is provided for a family, or an aggregate fair market value of not more than $30,000, exclusive of liens, security interests, or other encumbrances if it is owned by a single adult. (Prop. C. 42.001(a).) These property may include home furnishings, including family heirlooms; provisions for consumption; farming or ranching vehicles and implements; tools, equipment, books, and apparatus, including boats and motor vehicles used in a trade or profession; wearing apparel; jewelry not to exceed 25 percent of the aggregate limitations prescribed by Section 42.001(a); two firearms; athletic and sporting equipment, including bicycles; a two-wheeled, three-wheeled, or four-wheeled motor vehicle for each member of a family or single adult who holds a driver's license or who does not hold a driver's license but who relies on another person to operate the vehicle for the benefit of the nonlicensed person;certain animals and forage on hand for their consumption; household pets; and the present value of any life insurance policy to the extent that a member of the family of the insured or a dependent of a single insured adult claiming the exemption is a beneficiary of the policy. (Prop. C. 42.002.)

Other personal property, which may be exempt from seizure, may include current wages for personal services, professionally prescribed health aids of a debtor or a dependent, alimony, support, or separate maintenance received or to be received by the debtor or for the support of his dependent, qualified retirement plan, annuity or account. (Prop. C. 42.0021.)

If the 4-wheeler does not belong to you and you are filing alone then you may not even have to list it as an asset, but I'm not sure about that.

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How much is the 4-wheeler worth if you had to sell it RIGHT NOW ?? If you can fit the value into your other exemptions, you'll be fine. If not, then you may have to REDEEM it to keep it - that means paying the Trustee the CURRENT MARKET VALUE for it.

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