| 1 | 1 | | 84R11612 KFF-F |
|---|
| 2 | 2 | | By: RodrÃguez S.B. No. 1201 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A BILL TO BE ENTITLED |
|---|
| 6 | 6 | | AN ACT |
|---|
| 7 | 7 | | relating to the value of personal property exempt from seizure by |
|---|
| 8 | 8 | | creditors. |
|---|
| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 10 | 10 | | SECTION 1. Section 42.001(a), Property Code, is amended to |
|---|
| 11 | 11 | | read as follows: |
|---|
| 12 | 12 | | (a) Personal property, as described in Section 42.002, is |
|---|
| 13 | 13 | | exempt from garnishment, attachment, execution, or other seizure |
|---|
| 14 | 14 | | if: |
|---|
| 15 | 15 | | (1) the property is provided for a family and has an |
|---|
| 16 | 16 | | aggregate fair market value of not more than $150,000 [$60,000], |
|---|
| 17 | 17 | | exclusive of the amount of any liens, security interests, or other |
|---|
| 18 | 18 | | charges encumbering the property; or |
|---|
| 19 | 19 | | (2) the property is owned by a single adult, who is not |
|---|
| 20 | 20 | | a member of a family, and has an aggregate fair market value of not |
|---|
| 21 | 21 | | more than $75,000 [$30,000], exclusive of the amount of any liens, |
|---|
| 22 | 22 | | security interests, or other charges encumbering the property. |
|---|
| 23 | 23 | | SECTION 2. The changes in law made this Act do not apply to |
|---|
| 24 | 24 | | property that is, as of the effective date of this Act, subject to a |
|---|
| 25 | 25 | | voluntary bankruptcy proceeding or to a valid claim of a holder of a |
|---|
| 26 | 26 | | final judgment who has, by levy, garnishment, or other legal |
|---|
| 27 | 27 | | process, obtained rights superior to those that would otherwise be |
|---|
| 28 | 28 | | held by a trustee in bankruptcy if a bankruptcy petition were then |
|---|
| 29 | 29 | | pending against the debtor. That property is subject to the law as |
|---|
| 30 | 30 | | it existed immediately before the effective date of this Act, and |
|---|
| 31 | 31 | | the prior law is continued in effect for that purpose. |
|---|
| 32 | 32 | | SECTION 3. This Act takes effect September 1, 2015. |
|---|