Legal Question in Bankruptcy in Texas

Homested Law

I purchased a business in Colorado that has not worked out. I am now returning to Texas and may need to claim bankruptcy. I have one propetry in Texas that is my homested. My question is I currently have renters in this property, and would prefer to keep them their. If I claim bankruptcy do I have to physicaly be living in the home for it to be protected by the law, or is a current lease enoufe?


Asked on 10/16/03, 5:57 pm

2 Answers from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Homested Law

If you have tenants in there, it is clearly not your homestead.

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Answered on 10/16/03, 6:32 pm
Andrew Nichols Law Office of Andrew B. Nichols

Re: Homested Law

You essentially want to keep this house even though you must file bankruptcy. This can most likely be achieved, especially if you don't have a large amount of equity in the home. If you own this home free of any mortgage then the issue of the Texas homestead exemption would come into play. You have a real need for some legal strategy before you file. I really need to know more information to give you proper guidance. Please feel free to call me to talk about your situation in more detail. ph. (972) 231-5500 or (800) 303-0720

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Answered on 10/16/03, 8:53 pm


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