Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law

IF I WERE TO PURCHASE A HOME IN TEXAS FOR 124,000 CASH AND

Customer Question
FILED FOR A HOMESTEAD THEREAT...
IF I WERE TO PURCHASE A HOME IN TEXAS FOR 124,000 CASH AND FILED FOR A HOMESTEAD THEREAT WHILE I WAS CURRENT ON ALL MY DEBTS (I CURRENTLY HAVE 2 HOMES IN OTHER STATES THAT I HAVE BEEN TRYING TO SELL FOR ALMOST 2 YEARS) AND SUBSEQUENTLY DEFAULTED ON 170,000 IN UNSECURED DEBT, WOULD TEXAS EXEMPTIONS FROM JUDGEMENT ALLOW ME TO KEEP THE HOME UNTIL I COULD FILE A BANKRUPTCY WHICH WOULD NOT "RUN AFOUL OF" THE 10-YEAR "BAN" OR WOULD THE FACT THAT THE AMOUNT IS LESS THAN 125,000 VITIATE THAT "BAN"?
Submitted: 9 years ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 15 minutes by:
11/10/2008
Bankruptcy Lawyer: Law Educator, Esq., Attorney replied 9 years ago
Law Educator, Esq.
Category: Bankruptcy Law
Satisfied Customers: 121,090
Experience: Attorney At Law handling education matters.
Verified
The Texas law states that a homestead as unlimited exemption in Texas as long as property cannot exceed 1 acre in town, village, city or 100 acres (200 acres for families) elsewhere; sale proceeds exempt for 6 months after sale (need not occupy if not acquire another home, Property 41.003) Property 41.001, 41.002

I hope you found my answer helpful, please click on the GREEN ACCEPT for my answer. This is necessary for me to be paid for my work and so that I can get credit for assisting you. Your question will not close, and you will still have the opportunity to follow-up if needed. Leaving a bonus and positive feedback is not required, but doing so is certainly appreciated!

If you have additional questions, please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. Please consider that I am answering the question or question that is posed in your posting based upon my reading of your post and sometimes misunderstandings can occur. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered.

Also remember, sometimes the law does not support what we want it to support, but that is not the fault of the person answering the question, so please be courteous.

There can also be a delay of an hour or more in between my answers because I may be helping other customers or taking a break.

This does not create any attorney-client relationship. Additionally, this is being provided for informational and instructional purposes only and does not constitute the practice of law in any jurisdiction.


Ask Your Own Bankruptcy Law Question
Customer reply replied 9 years ago

I AM AWARE OF THE TEXAS EXEMPTIONS, MY QUESTION WAS SPECIFIC NOT GENERAL. AS I AM AN ATTORNEY LICENSED IN COLORADO. I AM SEMI-RETIRED AND HAVE NOT DONE A BK SINCE THE LAW CHANGED SEVERAL YEARS AGO.

BASED ON WHAT I HAVE READ, I HAVE OPTIONS(ONE WOULD BE TO PUT MY MONEY INTO PAYING DOWN THE BALANCE ON MY CURRENT HOME SO THAT WHEN IT SELLS I CAN TRANSFER THE SALE PROCEEDS TO A TEXAS RESIDENCE AND THE OTHER WOULD BE TO BUY A HOME IN TEXAS FOR LESS THAN 125,000). WHILE I THANK YOU FOR YOUR INPUT, I THINK I REQUIRE SOMEONE WITH MORE OF A BK-RELATED PRACTICE.

Bankruptcy Lawyer: Law Educator, Esq., Attorney replied 9 years ago
I am sorry, I believe I misunderstood your question, but I will opt out and transfer your question to someone in our bankruptcy section. Sorry for the misunderstanding.
Ask Your Own Bankruptcy Law Question
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 121,090
121,090 Satisfied Customers
Experience: Attorney At Law handling education matters.

Law Educator, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,679 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
I have the same question. I had a Chapter 7 bankruptcy 13
I have the same question. I had a Chapter 7 bankruptcy 13 years ago. I have not seen on my credit report for the last 6 years. The SBA question says have you ever had a bankruptcy? Is it fair to say n… read more
INFOLAWYER
INFOLAWYER
Partner
Doctoral Degree
56,303 satisfied customers
In a situation where a property owner is being foreclosed
In a situation where a property owner is being foreclosed upon by the city for property taxes.. no mortgage, some liens, including one state and one federal, but still about 100k in equity.. would tha… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,296 satisfied customers
Its been awhile since I asked this question- how does one
Its been awhile since I asked this question- how does one open a case that was dismissed for failure to make plan payments? 2. How do I prove this case was the reason for the failure of my own bankrup… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
121,090 satisfied customers
I am the buyer on a land contract. The seller wants to get
I am the buyer on a land contract. The seller wants to get out of the contract to go with another offer/contract. They have threatened to file bankruptcy if we do not accept a small fee to walk from o… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
Law Educator, Esq. (ONLY) (This is on the affirmative
Law Educator, Esq. (ONLY)(This is on the affirmative defenses)This is my first defense below There are overwhelming newly discovered clear and undeniable evidences that proved that the plaintiff Commi… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
121,090 satisfied customers
Law Educator, Esq. (ONLY) This is on the Answer I just
Law Educator, Esq. (ONLY)Good morning,This is on the AnswerI just included the case law to this part of the fraud defense is it okay?There are several newly Discovered evidences found, that clearly an… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
121,090 satisfied customers
Law Educator Esq. (ONLY) (This is on bankruptcy) When should
Law Educator Esq. (ONLY) (This is on bankruptcy) When should I be thinking of filing bankruptcy? do I have to wait until judgment is given on the foreclosure case before I file bankruptcy? Can I still… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
121,090 satisfied customers
If a wife wants to file banckruptcy singlary, without her
if a wife wants to file banckruptcy singlary, without her husband what wlll happen to the joint house? and any joint credit cards/ or his personal credit cards? thanks… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
35,358 satisfied customers
I was issued a complaint and summons gor a reposession for
I was issued a complaint and summons gor a reposession for degaulting on my lease. I paid my myppast due my lesse is current on my vehicle. Could they withdrae the small claim … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,377 satisfied customers
When applying for Bankruptcy-- what questions should I be
When applying for Bankruptcy-- what questions should I be asking a lawyer?? This is the case: 23 year old Student with no assets - Student loans and Credit Card debt that they can not afford to pay of… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
Received a notice of automatic dismissal without the entry
Received a notice of automatic dismissal without the entry of a discharge. for failure to file documents. a/b, D, E/F,I,J,J2,statement of your current monthly, income BUT I filed these forms but at 2 … read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
I own a business that had a couple of rough years in 2013
I own a business that had a couple of rough years in 2013 and 2014. In 2015 and 2016 I did manage to make a profit, but I again lost money in 2017. With negative income over the past 5 years and with … read more
LegalGems
LegalGems
Juris Doctorate
10,718 satisfied customers
I just started a chapter 13 bankruptcy and the lawyer told
i just started a chapter 13 bankruptcy and the lawyer told me how much i would pay for 5 years. i called his office about week later and told one the assisstants that i amm short on money and ask if i… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
Very important question - thank you in advance: A guy who is
Hi, very important question - thank you in advance: A guy who is a film distributor ripped us off and filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court. I never got notice of this as the Cou… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,377 satisfied customers
Educator only: defendants filed a response in the bankruptcy
For Law educator only:Hello sir, defendants filed a response in the bankruptcy court. Can you please help me understand this one?Thanks… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
121,090 satisfied customers
Sorry I just lost what I wrote so I'll try to rewrite. I'm
Hi... sorry I just lost what I wrote so I'll try to rewrite. I'm basically looking into Chapter 13 in order to save my home. I don't have an exact auction date at this point and I'm hoping there is a … read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
I filed bankruptcy a tear ago and it still hant been
I filed bankruptcy a tear ago and it still hant been discharged because the trustee has a 3000 dollar check to dispurse. Hoe long does it take and is there a time limit? … read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
Situation. My wife's ex husband is filing for bankruptcy.
Situation. My wife's ex husband is filing for bankruptcy. Chapter 7 He owes his ex wife 40000$ For her legal fees which was stated specifically because she had a need to get an education because she w… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x