Texas Homestead Exemption Question, Please?

[TatteredInTexas]

Hello folks,

I've read the post regarding Texas Homestead Exemption http://www.bankruptcyforum.com/showt...exas+homestead, but I'm still confused as to what to put on my Real Property Schedule.

Market value is: $115,800.00 and the mortgage owed is $121,932.00 So, that leaves a negative equity of $-6,132. (I understand, up to here). Then, it ask me for "exemptions" (this is where I get lost). Texas allows a $60,000 (family) exemption for personal property, but I'm unsure if that's to be used on my "Real Property" or ??? Totally confusing!

2. Market Value - $115,800.00
3. Total liens and mortgages - $121,932.00
4. Total Ownership equity (line 2 - line 3) -6,132.00
5. Exemptions ???
6. Equity less exemptions (line 4 - line 5) ???

Any help would be very muchly appreciated.

Kind regards,
Ronnie

[HHM]

You have no equity in your home, so you have nothing to exempt, so you don't need to list any exemption.

Personal property applies to just that, personal property, real property is different that personal property.

However, you need to be sure on the market value of the home, how did you come to that value?

[TatteredInTexas]

Hi HHM,

Thanks for the info. So basically, my line 6 (equity less exemptions) should be $-6,132.00

I obtained the market value from the tax property evaluation sent to us by the County in which we live. Similar houses in our vicinity (as listed on Realtor.com) (sq ft, #br's/ #bths, etc..) are listed at around $119 - $122,000.00

Should I use those values, versus what the tax accessor collector's office sent?

Thanks again for all of your help!

Kind regards,
Ronnie