Posted by Diane (TX) on April 02, 2003 at 18:51:38:
I’m not a lawyer, but I think you can exempt your homestead in Texas, plus additional amounts for vehicles and $30,000 each personal property. So that may be what he means by liberal exemption. Since the property is being rented, I don’t think it qualifies as a homestead. But if it’s important to you, pay a lawyer for qualified advice.
Landlord may file chapter 13… - Posted by Jenifer
Posted by Jenifer on April 02, 2003 at 10:52:16:
MAY…may not. But if he does, I know it stops the foreclosure and auction from happening…but for how long? Permanantly or just putting off the inevitable. House is in MO, and he is in TX. He wants to avoid foreclosure cause he is concerned about ever being able to buy a house again (apparently I misspoke when I thought he bought another house in TX, he in fact is renting).
State of MO has homestead exemption of $8800 per person, $17,600 total between them, IF he were to file here in MO. But he told me that he’d file in TX because of their liberal exemption laws.
So will his filing Chapter 13 affect me the tenant w/option or no? If so, how?
Jenifer