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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I live in Texas, if I file can I keep my cars, home and will

Customer Question

I live in Texas, if I file can I keep my cars, home and will it effect my income tax return
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

Is your home in a municipality or in the country?

How many acres is it on?


Customer: replied 6 years ago.
Home in city limets maybe 1/4 acre
Expert:  cfortunato replied 6 years ago.

Given the information you provided, you would be able to keep your home if you file a Bankruptcy. Additionally, you are allowed to keep one car for each adult member of the family.

There is no tax liability for debts that are discharged in a Bankruptcy (these are not considered to be a 1099-C debt forgiveness).