Q: Is there a maximum value on real property in Texas that may be claim as exempt in bankruptcy proceedings?
A:
In Texas when you file for bankruptcy, Texas residence have the option of electing either the federal or the Texas state exemption. In regards to the extent of "equity" that you can protect, Texas state exemption allows for an unlimited amount (except in select circumstances involving when you purchased your home and/or fraudulent acts)If you elect the federal exemption, as a single filer, you can exempt up to around 20k and if joint (meaning your spouse files with you) than 40k. Equity is the value of you home minus any liens that you have on your home.
For more information, consult an bankruptcy attorney to know your rights.
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