UNITED
STATES CODE TITLE 11 BANKRUPTCY Sec. 522. Exemptions
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The following property may be exempted under subsection
(b)(1) of this section:
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(1) The debtor's aggregate
interest, not to exceed $ 18,450 in value, in real property or personal
property that the debtor or a dependent of the debtor uses as a
residence, in a cooperative that owns property that the debtor or
a dependent of the debtor uses as a residence, or in a burial plot
for the debtor or a dependent of the debtor.
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(2) The debtor's interest, not to exceed
$ 2,950 in value, in one motor vehicle.
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(3) The debtor's
interest, not to exceed $ 475 in value in any particular item or $
9,850 in aggregate value, in household furnishings, household goods,
wearing apparel, appliances, books, animals, crops, or musical instruments,
that are held primarily for the personal, family, or household use
of the debtor or a dependent of the debtor.
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(4) The debtor's
aggregate interest, not to exceed $ 1,225 in value, in jewelry held
primarily for the personal, family, or household use of the debtor
or a dependent of the debtor.
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(5) The debtor's
aggregate interest in any property, not to exceed in value $ 975 plus
up to $ 9,250 of any unused amount of the exemption provided under
paragraph (1) of this subsection.
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(6) The debtor's
aggregate interest, not to exceed $ 1,850 in value, in any implements,
professional books, or tools, of the trade of the debtor or the trade
of a dependent of the debtor.
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(7) Any unmatured
life insurance contract owned by the debtor, other than a credit life
insurance contract.
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(8) The debtor's aggregate interest,
not to exceed in value $ 9,850 less any amount of property of the
estate transferred in the manner specified in section 542(d) of
this title, in any accrued dividend or interest under, or loan value
of, any unmatured life insurance contract owned by the debtor under
which the insured is the debtor or an individual of whom the debtor
is a dependent.
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(9) Professionally prescribed health
aids for the debtor or a dependent of the debtor.
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(10) The debtor's right to receive-
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(A) a social security benefit, unemployment
compensation, or a local public assistance benefit;
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(B) a veterans' benefit;
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(C) a disability, illness, or unemployment
benefit;
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(D) alimony, support, or separate maintenance,
to the extent reasonably necessary for the support of the debtor and
any dependent of the debtor;
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(E) a payment under a stock bonus, pension,
profitsharing, annuity, or similar plan or contract on account of
illness, disability, death, age, or length of service, to the extent
reasonably necessary for the support of the debtor and any dependent
of the debtor, unless-
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(i) such plan or contract was established
by or under the auspices of an insider that employed the debtor at
the time the debtor's rights under such plan or contract arose;
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(ii) such payment is on account of age or length of
service; and
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| (iii) such plan or contract does not qualify under
section 401(a), 403(a), 403(b), or 408 of the Internal Revenue Code
of 1986. |
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(11) The debtor's right to receive, or
property that is traceable to-
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(A) an award under a crime victim's reparation
law;
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(B) a payment on account of the wrongful death of an individual
of whom the debtor was a dependent, to the extent reasonably necessary
for the support of the debtor and any dependent of the debtor;
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(C) a payment under a life insurance contract
that insured the life of an individual of whom the debtor was a dependent
on the date of such individual's death, to the extent reasonably necessary
for the support of the debtor and any dependent of the debtor;
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(D) a payment, not to exceed $ 18,450,
on account of personal bodily injury, not including pain and suffering
or compensation for actual pecuniary loss, of the debtor or an individual
of whom the debtor is a dependent; or
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(E) a payment in compensation of loss of
future earnings of the debtor or an individual of whom the debtor
is or was a dependent, to the extent reasonably necessary for the
support of the debtor and any dependent of the debtor.
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(a) Personal property,
as described in Section 42.002, is exempt from garnishment, attachment,
execution, or other seizure if:
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(1) the property is provided for a
family and has an aggregate fair market value of not more than $60,000,
exclusive of the amount of any liens, security interests, or other
charges encumbering the property; or |
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(2) the property is owned by a single
adult, who is not a member of a family, and has an aggregate fair
market value of not more than $30,000, exclusive of the amount of
any liens, security interests, or other charges encumbering the property. |
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| (b) The
following personal property is exempt from seizure and is not included
in the aggregate limitations prescribed by Subsection (a): |
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(1) current wages for personal services,
except for the enforcement of court-ordered child support payments; |
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(2) professionally prescribed health
aids of a debtor or a dependent of a debtor; and |
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(3) alimony, support, or separate maintenance
received or to be received by the debtor for the support of the debtor
or a dependent of the debtor. |
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(c) This section does not prevent seizure
by a secured creditor with a contractual landlord's lien or other
security in the property to be seized.
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(d) Unpaid commissions for personal services
not to exceed 25 percent of the aggregate limitations prescribed
by Subsection (a) are exempt from seizure and are included in the
aggregate.
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| (a) The
following personal property is exempt under Section 42.001(a): |
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(1) home furnishings, including family
heirlooms; |
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(2) provisions for consumption; |
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(3) farming or ranching vehicles and
implements; |
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(4) tools, equipment, books, and apparatus,
including boats and motor vehicles used in a trade or profession; |
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(5) wearing apparel; |
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(6) jewelry not to exceed 25 percent
of the aggregate limitations prescribed by Section 42.001(a); |
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(7) two firearms; |
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(8) athletic and sporting equipment,
including bicycles; |
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(9) 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; |
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(10) the following animals and forage
on hand for their consumption: |
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(A) two horses, mules, or donkeys and a saddle,
blanket, and bridle for each; |
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(B) 12 head of cattle; |
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(C) 60 head of other types of livestock; and |
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(D) 120 fowl; and |
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(11) household pets. |
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(b) Personal property, unless precluded
from being encumbered by other law, may be encumbered by a security
interest under Subchapter B, Chapter 9, Business & Commerce
Code, or Subchapter F, Chapter 501, Transportation Code, or by a
lien fixed by other law, and the security interest or lien may not
be avoided on the ground that the property is exempt under this
chapter.
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(a) In addition to the exemption prescribed
by Section 42.001, a person's right to the assets held in or to
receive payments, whether vested or not, under any stock bonus,
pension, profit-sharing, or similar plan, including a retirement
plan for self-employed individuals, and under any annuity or similar
contract purchased with assets distributed from that type of plan,
and under any retirement annuity or account described by Section
403(b) or 408A of the Internal Revenue Code of 1986, and under any
individual retirement account or any individual retirement annuity,
including a simplified employee pension plan, is exempt from attachment,
execution, and seizure for the satisfaction of debts unless the
plan, contract, or account does not qualify under the applicable
provisions of the Internal Revenue Code of 1986. A person's right
to the assets held in or to receive payments, whether vested or
not, under a government or church plan or contract is also exempt
unless the plan or contract does not qualify under the definition
of a government or church plan under the applicable provisions of
the federal Employee Retirement Income Security Act of 1974. If
this subsection is held invalid or preempted by federal law in whole
or in part or in certain circumstances, the subsection remains in
effect in all other respects to the maximum extent permitted by
law.
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| (b) Contributions
to an individual retirement account, other than contributions to a
Roth IRA described in Section 408A, Internal Revenue Code of 1986,
or annuity that exceed the amounts deductible under the applicable
provisions of the Internal Revenue Code of 1986 and any accrued earnings
on such contributions are not exempt under this section unless otherwise
exempt by law. Amounts qualifying as nontaxable rollover contributions
under Section 402(a)(5), 403(a)(4), 403(b)(8), or 408(d)(3) of the
Internal Revenue Code of 1986 before January 1, 1993 , are treated
as exempt amounts under Subsection (a). Amounts treated as qualified
rollover contributions under Section 408A, Internal Revenue Code of
1986, are treated as exempt amounts under Subsection (a). In addition,
amounts qualifying as nontaxable rollover contributions under Section
402(c), 402(e)(6), 402(f), 403(a)(4), 403(a)(5), 403(b)(8), 403(b)(10),
408(d)(3), or 408A of the Internal Revenue Code of 1986 on or after
January 1, 1993, are treated as exempt amounts under Subsection (a). |
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(c) Amounts distributed from a plan or
contract entitled to the exemption under Subsection (a) are not
subject to seizure for a creditor's claim for 60 days after the
date of distribution if the amounts qualify as a nontaxable rollover
contribution under Subsection (b).
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(d) A participant or beneficiary of a
stock bonus, pension, profit-sharing, retirement plan, or government
plan is not prohibited from granting a valid and enforceable security
interest in the participant's or beneficiary's right to the assets
held in or to receive payments under the plan to secure a loan to
the participant or beneficiary from the plan, and the right to the
assets held in or to receive payments from the plan is subject to
attachment, execution, and seizure for the satisfaction of the security
interest or lien granted by the participant or beneficiary to secure
the loan.
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(e) If Subsection (a) is declared invalid
or preempted by federal law, in whole or in part or in certain circumstances,
as applied to a person who has not brought a proceeding under Title
11, United States Code, the subsection remains in effect, to the
maximum extent permitted by law, as to any person who has filed
that type of proceeding.
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(f) A reference in this section to a
specific provision of the Internal Revenue Code of 1986 includes
a subsequent amendment of the substance of that provision.
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