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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have a 20% interest in 4 vacant lots in Ohio. The land is

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I have a 20% interest in 4 vacant lots in Ohio. The land is used as a parking lot for the business next door and they pay $200 per month rent. I receive $40.00 (my 20% interest) per month rental income. The total assessed value of the four lots is $13,690.00 - so my 'assessed value' portion (20%) would equal $2738.00.

I am filing a Chapter 7 bankruptcy in Texas soon. Do you think the executor may allow me to keep my 20 percent interest in the lots?

Thank you

Joe

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

In TX a single individual, you can keep up to $30,000 in personal assets, a vehicle, life insurance policies, qualified retirement accounts, and Social Security benefits, among other valuable assets, so your interest in the lots should be protected,

WALLSTREETESQ :

If the trustee does not allow an exemption for some reason, you can make a payment plan for the value in most cases, and pay it to the trustee, to keep the property,

WALLSTREETESQ :

as your 20% share would be difficult to sell, the trustee should not have an issue allowing you to keep it or paying the equity off.

WALLSTREETESQ :

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Texas Bankruptcy Exemptions


Unless otherwise noted, all law references are to the TexasRevised Civil Statutes Annotated.


Homestead


Prop. 41.001 & Prop. 41.002 - Unlimited amount, but cannot exceed 10 acres in a city, town, or village, or 100 acres (200 acres for family) elsewhere. Sale proceeds are exempt for 6 months after sale.


Prop. 41.005 - Homestead declaration must be filed or the court will charge you to file it for you.


Personal Property


Prop. 41.001 - Burial plots and health aids; books containing sacred writings of a religion (exempt from the $60,000 family/$30,000 single total personal property allowed).


Prop. 42.002 - Home furnishings, including family heirlooms; food; clothing; jewelry up to 25% of the total exemption limitstated below; 2 firearms; athletic & sporting equipment (includes bicycles); 1 motor vehicle for each adult with drivers license or who relies on another to operate a vehicle; 2 horses, mules, or donkeys, with saddle, blanket & bridle for each; 12 head cattle; 60 head other livestock; 120 fowl; food on hand for these animals; and household pets. Total of all items under Property 42.002 (including tools of trade and cash value of life insur¬ance) cannot exceed $30,000 total ($60,000 for head of family).


Prop. 42.0021 - Health savings accounts.

Customer:

The actual assessed values of the 4 vacant lots total $13,690.00. Should I list in the 'Assets" page of my Chapter 7 filing the actual assessed values OR just my 20 percent interest in the properties of $2738.00?

Customer: replied 3 years ago.

The actual assessed values of the 4 vacant lots total $13,690.00.


 


Should I list in the 'Assets" page of my Chapter 7 filing the actual assessed values OR just my 20 percent interest in the properties of $2738.00?

You should list your 20% interest in the property, since it is vacant land, you need to have an official appraisal as well, to show the trustee how you came up with the figures, and you must include the exemption.
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