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Keeping a Home
I posted a question in another thread but noone will answer so I will simplify as to get an answer. I'm assuming this would go by TEXAS law
1. If someone lives in another state (and has for almost a year) but his debt and home mortgage are in Texas, he is supposed to file for bankruptcy in Texas, right?
2. His court date was in January or February '09. The home in Texas is LEASE property and has been for 5 months. Can he keep the home as LEASE property when he files Chapter 7 or Chapter 13?
3. If so, how would he do that? Does he have to claim the income and just show that his payments on the mortgage are current?
4. If not, would he only be able to keep the home if he claims it as HIS residence to qualify for the exemption?
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Re: Keeping a Home
He can file bankruptcy where he resides. However, Texas has a very favorable homestead exemption, so if he restablishes domicile in his Texas home it may be to his advantage. Of course, if he has tenants, that's not going to happen.
Having tenants doesn't take an asset out of bankruptcy. If he wants to try to keep the house, he should discuss his options with his bankruptcy lawyer.
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Re: Keeping a Home
I think I see where you're trying to go, from your other thread. His bankruptcy does not affect his right to rent from his tenants, or his right to evict his tenants for nonpayment of rent.