quick question

doglover1970 · 11-03-2009, 10:05 AM

I live in Texas and would like to file chapter 7. I am upside down on my house, and do not want to keep it. I do own land in another state, the land is basicly useless. It is 50 acres (part of a 100 acre plot, that other relatives own). You can not even get to the land by road. I would truly love to keep this land for sentimental reasons (I know I should not be attached to material things, but this is something that is important to me). Would I be able to save the land with a wildcat exemption (or something else).
Thanks for any advice.

JoeBankrupt33 · 11-03-2009, 12:53 PM

Yes, you should be able to use the wildcard exemption. Since you are in Texas and you are not saving a home, then it makes sense to use the Federal exemptions. With the Federal exemptions, you get roughly 10k worth of wildcard (unused homestead amount). If you are married, this is doubled.

doglover1970 · 11-05-2009, 01:33 PM

Thanks Joe.
I met with an attorney today, and things are looking good (but im very early in the process so well see).

11-03-2009, 10:05 AM	#1
doglover1970 Registered User B/F Newbie Join Date: Jul 2008 Posts: 17	quick question I live in Texas and would like to file chapter 7. I am upside down on my house, and do not want to keep it. I do own land in another state, the land is basicly useless. It is 50 acres (part of a 100 acre plot, that other relatives own). You can not even get to the land by road. I would truly love to keep this land for sentimental reasons (I know I should not be attached to material things, but this is something that is important to me). Would I be able to save the land with a wildcat exemption (or something else). Thanks for any advice.

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11-03-2009, 12:53 PM	#2
JoeBankrupt33 Registered User B/F Contributor Join Date: Dec 2008 Location: Colorado Posts: 386	Yes, you should be able to use the wildcard exemption. Since you are in Texas and you are not saving a home, then it makes sense to use the Federal exemptions. With the Federal exemptions, you get roughly 10k worth of wildcard (unused homestead amount). If you are married, this is doubled.

11-05-2009, 01:33 PM	#3
doglover1970 Registered User B/F Newbie Join Date: Jul 2008 Posts: 17	Thanks Joe. I met with an attorney today, and things are looking good (but im very early in the process so well see).