By: Wray (Senate Sponsor - RodrÃguez) H.B. No. 2706
(In the Senate - Received from the House May 6, 2015;
May 6, 2015, read first time and referred to Committee on Business
and Commerce; May 22, 2015, reported favorably by the following
vote: Yeas 7, Nays 0; May 22, 2015, sent to printer.)
Click here to see the committee vote
A BILL TO BE ENTITLED
AN ACT
relating to the value of personal property exempt from seizure by
creditors.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 42.001(a), Property Code, is amended to
read as follows:
(a) Personal property, as described in Section 42.002, is
exempt from garnishment, attachment, execution, or other seizure
if:
(1) the property is provided for a family and has an
aggregate fair market value of not more than $100,000 [$60,000],
exclusive of the amount of any liens, security interests, or other
charges encumbering the property; or
(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 $50,000 [$30,000], exclusive of the amount of any liens,
security interests, or other charges encumbering the property.
SECTION 2. The changes in law made this Act do not apply to
property that is, as of the effective date of this Act, subject to a
voluntary bankruptcy proceeding or to a valid claim of a holder of a
final judgment who has, by levy, garnishment, or other legal
process, obtained rights superior to those that would otherwise be
held by a trustee in bankruptcy if a bankruptcy petition were then
pending against the debtor. That property is subject to the law as
it existed immediately before the effective date of this Act, and
the prior law is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2015.
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