Bankruptcy and Filing a Homestead Declaration

: Reese Baker & Associates

  Filed under: Mortgage

attorney, attorneys, lawyer, lawyers, bankruptcy, texas, tx, houston, bryan, college station, katy, woodlands, sugar lands,A Homestead declaration is a type of document that shows the bankruptcy court that the property that you list on it is your main residence and this is where you live. If you are in a tough financial situation it is most important that you have a Homestead declaration in the event that you are planning on going bankrupt.

The rules and regulations for bankruptcy differ from each state and you will definitely want to know what the rules are pertaining to the form of bankruptcy that you are eligible for, and how your homestead exemption will be used.

When you file for bankruptcy there are certain exemptions that you will be allowed in your bankruptcy action. One of these most likely will be a Homestead exemption but the amount that can be exempt will differ depending on the state that you are filing your bankruptcy in. In some cases it may not be necessary to have a declaration of Homestead filed, but this is something that you really want to be aware of in order to help your bankruptcy process.

Ideally you should be speaking to a qualified and experienced Houston bankruptcy attorney to assist you with your bankruptcy action. If it turns out that you are required to have a Homestead declaration it is not an expensive undertaking and is one that you should definitely do before filing for your bankruptcy action.

The rulings around the homestead exemption can be complex, for example in Texas you may be able to exempt the entire value of your home, however if you have additional property attached to it than there could be limits on this. This will be determined on the location of your property, and again, is just another indication of why you really need the professional help of a Houston bankruptcy lawyer with your bankruptcy process.