Whether you can keep your house after bankruptcy filings in Texas will depend on when the property was acquired and your homestead exemption. To get a definitive answer, you should gather your mortgage documents, financial statements, and letters from creditors and schedule a consultation with a Dallas bankruptcy attorney.
Some of the most common bankruptcy questions are about what happens after bankruptcy, specifically which assets and property can or cannot be kept.
As for houses, the exemption is generally limited to $125,000 of Texas’ homestead exemption only if your house was purchased within the past 1,215 days, which is 3.3 years. Understand that the cap does not apply to interest that has been transferred from any previous principal residence acquired before the 1,215-day period began.
Therefore, if you have a $2 million home that you have owned for more than 1,215 days, and $1 million in equity, the equity will be exempt. However, if you bought the house within the 1,215-day period, you would be allowed only $125,000 in equity.
Still wondering what happens after bankruptcy in Texas?
Many things can go wrong if you try to file for bankruptcy on your own, especially when you are trying to save your home. It is best that you have experienced legal counsel by your side to answer common bankruptcy questions and help you navigate the system.
With an attorney’s guidance, you can work toward saving your home and securing your family’s financial future as you get a fresh start.
Contacting a Dallas Bankruptcy Attorney
At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to proactively plan for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting our Dallas law firm. We’ll explain Chapter 7 vs. Chapter 13 and guide you through the legal process of bankruptcy filings in Texas so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today. We’re here to help.
