In Texas, are stock exempt in chapter 7 bankruptcy?
2 Answers from Attorneys
Depends on what you mean by stock. If you go by the Texas exemptions, certain numbers of farm animals are exempt property under section 42.002 of the Property Code: (10) the following animals and forage on hand for their consumption:
(A) two horses, mules, or donkeys and a saddle, blanket, and bridle for each;
(B) 12 head of cattle;
(C) 60 head of other types of livestock; and
(D) 120 fowl; and
(11) household pets.
If you are talking about securities, I don't think so , unless they are held in an IRA or retirement account.
No, if you mean stock in a corporation or other artificial entity. However, with a competent attorney that knows how to plan the case, you may be able to keep the stock.
William D. Weber
WEBER LAW FIRM
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