Legal Question in Bankruptcy in Texas

Bankruptcy and Rent Houses

If I file bankruptcy, whichever one is appropriate, I want to keep house, no vehicle payments, it's all past credit card debts from several years past, about 6 yrs. My question is that I have a rent house, that of course is not my homestead, will I be able to keep the rent house and my house in a bankruptcy filing??? Thanks


Asked on 8/01/02, 11:42 am

2 Answers from Attorneys
Lawrence Maun Lawrence J. Maun, P.C.

Re: Bankruptcy and Rent Houses

If you file a Chapter 13 you should be able to. Chappter 7 probably not. Larry Maun 713.266.2560

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Answered on 8/01/02, 1:50 pm
Andrew Nichols Law Office of Andrew B. Nichols

Re: Bankruptcy and Rent Houses

Short answer -- You probably will not be able to keep the rent house.

Unless the equity in both your homestead and the rent house is small, you will have to surrender the rental property to the Trustee. The Trustee has the discretion to abandon the property (and you would keep it) if he/she determines that no real money would be made from the sale after paying off the existing mortgage(s) and paying a sales commission. Please call me to discuss your situation in more detail. ph (214) 979-7330 or (800) 303-0720

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Answered on 8/01/02, 4:10 pm


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