I have a few questions reguarding filing Chapter 7.
I was born and raised in Texas moved to fort worth for College but have been living in Texas for the last 10 years. I bought a house in 2011 then sold it and moved in with my parents . Last September I bought the house I was renting from my parents. I have about 60k in equity in the house and I wanted to know if my house would be exempt from the trustees if I filed chapter 7 and I would be allowed to keep all the equity and continue to live in it and of course make my payments. I read that if I take the Texas homested exemption I would have to have lived in Texas for 40 months (which i have) . But I have not owned my house for 40 months , as I started living there and paying rent back in 2016 . So my question is would I still qualifiy for the Texas homestead exemption?
"In Texas you can use either the state exemption system or the federal bankruptcy exemption system (but you can’t pick and choose different exemptions from each system – you have to use all state exemptions or all federal exemptions.)
The federal bankruptcy homestead exemption amount changes every three years. To find the current amount, see our article The Federal Bankruptcy Exemptions. The exemption may be used for homes, condos, co-ops, mobile homes, and burial plots. Married couples may double this exemption. You can find the federal bankruptcy homestead exemption at 11 U.S.C. §522(d)(1) and (5)."
Your attorney in your state will know more since it seems there's 2 options unlike other states. Good Luck!
My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.