Legal Question in Bankruptcy in Texas

Rental property

My wife and I must declare chapter 7 - we are going to rent our current home and then buy a new and much cheaper home. Can we keep our rental property or only the home we are living in?

thanks


Asked on 1/25/03, 11:25 am

1 Answer from Attorneys
Andrew Nichols Law Office of Andrew B. Nichols

Re: Rental property

In chapter 7 you will only be able to keep one house. You could keep a rent house as a strategy if you were to file under chapter 13. This would require you to be in bankruptcy for at least three years and to repay a portion on your debts. Please feel free to give me a call to discuss your situation. There is quite a bit of strategy involved in a chapter 13 filing. ph. (214) 979-7330 or (800) 303-0720

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Answered on 1/25/03, 2:05 pm


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