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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 116751
Experience:  Attorney At Law handling education matters.
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IF I WERE TO PURCHASE A HOME IN TEXAS FOR 124,000 CASH AND

Customer Question

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: 8 years ago.
Category: Bankruptcy Law
Expert:  Law Educator, Esq. replied 8 years ago.
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

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Customer: replied 8 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.

Expert:  Law Educator, Esq. replied 8 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.