Q: Can the federal bankruptcy homestead cap be doubled for a joint bankruptcy? I haven’t met the 1215 day rule.
I’ve lived in Texas for two years and own my home outright. Value is about 270k. I’m married. I believe the federal cap is around 180k. Can that be doubled in a joint bankruptcy.
A:
The current federal homestead exemption is approx. $25,000. Yes, it can be doubled with a joint filing.
Sam Houston was a notorious debtor, and he and his friends set up a debtor-friendly place. The TX state exemptions for homestead are far more generous (I used to practice in Oklahoma and got called down to Dallas and Houston).
Best to talk with a TX bankruptcy lawyer, sooner than later, before you make any commitments.
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