Legal Question in Bankruptcy in Texas

Re: Exempt Property??

Short answer -- Your house will qualify for exemption by using Texas exemption laws.

In Texas, bankruptcy filers have the option of using two different sets of exemption rules. It's sort of like playing Monopoly and choosing which variation of rules your going to use. Filers can choose the exemptions available through state law or the standard exemptions available in the federal bankruptcy code. In your unique situation you would definitely choose the state law exemptions. Basically your are entitled to one "homestead" with no limit on the value of your home. The issue of renting your home has been specifically addressed under Texas law. Title 5, � 41.003 of the Texas Property Code refers to "Temporary Renting of a Homestead". "Temporary renting of a homestead does not change its homestead character if the homestead claimant has not acquired another homestead". (By the way, most states and the federal exemptions require that you actually use the home as a residence) You stated you live with your boyfriend, therefore, provided you did not purchase the home with your boyfriend then you have not acquired any other interest in real estate and I believe you can exempt the home. ph. (800) 303-0720