Can I keep my home when filing for bankruptcy?

Yes, it is possible to keep your home when filing for bankruptcy in Texas. The state of Texas provides homestead protection which allows debtors to protect their home from creditors. Texas is one of the few states that have an unlimited homestead exemption, meaning you can protect all of your home’s equity from being used to pay creditors. In Texas, the homestead protection applies to single-family residences, including a manufactured home, a mobile home, or a house trailer, but only if the home is owned by the debtor and located in the state. This means that any equity in the home is offered protection. Additionally, the protection offered by homestead applies only when filing for bankruptcy, and it is important to note that it cannot always be used to protect against foreclosure. If a debtor is already behind on their mortgage payments, their home may still be put up for sale. In short, the answer to the question is yes, it is possible to keep your home when filing for bankruptcy in Texas. The state offers homestead protection which allows debtors to protect their home from creditors. However, it is important to note that this does not always protect against foreclosure. It is important to speak with an experienced bankruptcy lawyer to determine what the best course of action is.

Related FAQs

What is creditor reaffirmation?
Does filing for bankruptcy stop foreclosure proceedings?
What are the advantages and disadvantages of filing for bankruptcy?
How do I know if I am eligible for Chapter 7 or Chapter 13 bankruptcy?
What debts are dischargeable in bankruptcy?
Can I get a loan after filing for bankruptcy?
What do I do with any unexpired leases or contracts when filing for bankruptcy?
What is the difference between a Chapter 11 and a Chapter 13 bankruptcy?
Are there any assets that I will be required to sell when filing for bankruptcy?
What debts can I discharge in bankruptcy?

Can I keep my home when filing for bankruptcy?

Related FAQs

Related Blog Posts