Community property rules have positives and negatives, but if you live in Texas you have to abide by them.

When the subject of marriage and bankruptcy comes up, the next thing often mentioned is community property.  Depending upon where you live, this may or may not mean anything to you, but Texas is one of nine states that adheres to the community property rules.    An article on the …

Category: Bankruptcy , Property Exemptions , bankruptcy law

Tags: Community Property Divorce Marriage Texas

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The state of Texas is a “community property” state which means that property in which both spouses own shares and property acquired during the marriage is considered “community property.” Community property only exists within marriage. What does this mean for a spouse considering bankruptcy?

Married couples where one or both spouses are considering bankruptcy must carefully weigh whether they should file jointly, …

Tags: Bankruptcy Community Property Law Marriage Texas

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… senior citizens are being targeted by a company claiming that they can help them pay less in property taxes.  Many senior citizen homeowners have received very official looking papers in the mail with a Fort Worth P.O. Box asking that they send $55 for help reducing their property taxes.

The article said:

“When Gilberto Perez received an official-looking letter regarding his property taxes, he suspected a scam. The 75-year-old retired military veteran knew that he had already …

Category: Fort Worth Attorney , Lawsuits , Property Exemptions

Tags: Better Business Bureau Fort Worth Texas Fort Worth Star-Telegram Property tax

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… myths about bankruptcy is that debtors who file bankruptcy will lose all of their personal property.  For the umpteenth time, this myth is simply not true.  A matter of fact, most debtors who file Chapter 7 bankruptcy do not lose any of their property.  Every state, plus the federal bankruptcy code provides a generous amount of exemptions for debtors to use during bankruptcy.  Exemptions protect the debtor’s property from seizure during the bankruptcy process.  For example, …

Tags: Bankruptcy Exemptions Property

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Many debtors behind on both their mortgage and property taxes wonder if bankruptcy can be used to stop a property tax sale of their home.  Fortunately for debtors facing a property tax sale of their home, bankruptcy can be used to stop the sale if they move quickly. Here’s what you need to do:

Before filing for bankruptcy, find out if there is a property tax lien on your home. In the state of Texas, ad valorem taxes are given the …

Tags: Bankruptcy Lien Property Taxes

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Holding rental property when filing bankruptcy can impact your “means test” and your post-bankruptcy fresh start depending on the circumstances surrounding that property.  Let’s take a look at a few scenarios:

If you have a rental property with a paying tenant, the rent received will be counted towards your income.  This fact alone could cause you to “fail” the means test which would …

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Consumers still covered with high unemployment stats can protect property

The latest Gross Domestic Product report indicates that the recession will end this spring, and at the latest by the end of the year.  Some analysts are evening predicting some growth in the last quarter of this year.  The not-so-silver lining though is that job growth will still continue to lag behind.  Many corporate executives are still receiving substantial compensation are …

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According to an article in the Dallas Morning News, property tax revenues are set to plummet for 2009 as home values tank.

The article said:

About 92 percent of all residential properties will either fall in value or remain the same, said Ken Nolan, the county’s chief appraiser.

Foreclosures, a decline in building permits and rising office vacancy rates have conspired to send property values and property taxes downward for the first …

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… testified that the assets belonged to his wife who inherited a substantial amount of cash and property before and during their marriage. The bankruptcy court agreed with the debtor ruling that the debtor did not make any false statements regarding ownership of the assets and said that there was no fraudulent intent. But what the bankruptcy court did not take into consideration was the presumption under Texas law that property acquired during marriage is community property. Which …

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… of ground.  Many seniors are forced to alter their retirement plans as their 401(k)s take a hit, property values plunge and/or they’re unable to sell their home in this environment. As a result retirement homes that expected to see an increase in enrollment are either experiencing sales that are flat-lining or even decreasing.

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… sinking under the waves of financial overburden, and both state and federal law provide for property exemptions.  In other words, the law sets out a list of items that you can keep even after the bankruptcy process ends.

Texas allows consumers to choose to use either the federal exemption guidelines or the Texas exemptions.  The federal exemptions allow you to keep:

Your home up to $20,200

Life insurance payments for individuals you depend upon for support

Life insurance …

Category: Chapter 7 Bankruptcy , Dallas Bankruptcy Laws , Fort Worth Bankruptcy Laws , Property Exemptions , bankruptcy law

… One of the most common blunders we see debtors make pre- bankruptcy is transferring real estate property before filing.  Most commonly, debtors transfer property to relatives in an effort to protect their assets; but sometimes non-debtor relatives transfer property to a relative who eventually files for bankruptcy.  Usually it is a parent who decides to transfer ownership of a home to his/her child while still paying all of the bills associated with the house, including the mortgage, …

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