How the Homestead Exemption Helps Texas Landowners in Bankruptcy

Dallas - Ft. Worth Bankruptcy Attorney Explains

Video Transcript:

Rob Rosenthal:

What is the homestead exemption in bankruptcy in the State of Texas? We're asking Dallas lawyer David Shuster for an Ask the Lawyers Quick Question.

David Shuster:

In the state of Texas, the homestead exemption permits you to keep your home, even if it's paid in full, it's a very generous exemption, and it's limited as to acreage and such, but I have to look up the exact acreage, but it's a lot, a couple of hundred acres, I think. And so, yeah, if you have a homestead, if you have a home and contiguous land attached to it, then you are protected and there is no reason to try to get a loan out on on that home to pay off unsecured debt, you are entitled to keep the equity in your home here in Texas, and there's also other rules related to, you know, you can also sell it and keep the proceeds as long as they're re-invested into another homestead. So here in Texas, we value the fact that your homestead is a protected asset. If you have any problems with the creditors not respecting the homestead exemption, or colatting the title and the deed on your home, we could take care of it.

Disclaimer: This video is for informational purposes only. In some states, this video may be deemed Attorney Advertising. The choice of lawyer is an important decision that should not be based solely on advertisements.