Legal Question in Bankruptcy in Texas

If I file personall bankruptcy what will my options be with my house if I currently have approx. $20,000 in equity. I currently have over $100,000 in personly gaurateed loans and over $300,000 in business loans (LLC) including money owed to the government.


Asked on 2/05/10, 1:01 pm

1 Answer from Attorneys
Rustin Polk 214bankruptcy.com

Your options will be to 1) decide you want to keep it; 2) decide you want to give it up.

In Texas, you are allowed to keep your house even if you file bankruptcy. You still have to pay for it if you keep it, but the court will not just automatically take it away from you.

You get a certain level of property that you can "exempt." How high that level is depends on some factors that are beyond the scope of this question, but let me just say that it is exceedingly rare for anyone to lose a house because of bankruptcy. The vast majority lose all their debts but keep all their property.

Rustin Polk

Dallas Bankruptcy Lawyer

www.214bankruptcy.com

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Answered on 2/15/10, 10:57 am


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