If you file a Chapter 7 bankruptcy in Texas, after you have been a resident for six months and declared homestead, the deficiency judgment (the difference between what you owe and what they sell the property for) is discharged (goes away), and they cannot take your mobile home, or any homestead you declare. Also, your retirement funds are exempt (protected) and cannot be taken by the bankruptcy court. Additionally, any unsecured creditors (credit cards, medical bills, etc.) are also discharged. Bankruptcy stays on your credit repor for 10 years, and securing any type of loan could prove to be difficult, but not impossible.
Your best option is to seek a consultation with a Texas bankruptcy attorney in your area. Most give free consultations and you can go over your specific financial situation in detail.
Foreclosures can take anywhere from 4 - 12 months once you stop paying the mortgage payments. Usually after about 2-4 missed payments you will start getting pre-foreclosure documentation.
Yes, in order to file in Texas you must have lived in the State for the previous 180 days. Otherwise you have to file in the state you are currently a resident of.
To use the full value of the Texas homestead exemption, which allows unlimited exemption of homestead equity, the debtor must have been domiciled in Texas for 40 months, with residency in Texas for the greater part of the six months preceding the petition/filing. Texas debtors with less than 40 months of domiciliary status can claim only $125,000 of equity per spouse as their homestead exemption. That is still a high homestead exemption by general American standards and may cover you in the mobile home.
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