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Posts tagged "Texas Property Code"

Chapter 7 and your vehicles

Everybody needs to get to work.  Most people have kids to take to school, groceries to pick up, or errands to run that just cannot be done in today's world without a car.  The bankruptcy code provides exemption schedules as does the Texas Property Code.  Those exemption schedules provide for someone who files bankruptcy to be able to claim certain property as exempt.

State Property Law

A case out of the Southern District dealt with the intersection of state property law under the Texas Property Code and Section 1322(b)(2) of the Code, which prohibits lien stripping of the claim that is secured only by a security interest in real estate that is the debtor's principle residence. The debtors had a manufactured home but under the State's Property Code qualified as personal property, not real property. The creditors have a security interest in both the manufactured home and the real property on which the home sat. The court found the creditor did not qualify under the lien stripping exception carved out in Section 322(b)(2) since the creditors claim was secured by the real property and the personal property and not only the real property as required by the Code.

How do I file bankruptcy in Texas?

Filing bankruptcy in Texas is extremely advantageous.  As a debtor filing for protection under the Bankruptcy Code in Texas you have the ability to make a selection as to the list of exemptions that you utilize according to your situation in order to maximize the amount of property that you can keep.  If your bankruptcy is filed correctly by an experienced bankruptcy attorney then typically, debtors lose nothing at all. 

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