"Texas Homestead Exemption"

In general terms, a homestead for purposes of a Texas bankruptcy case is the primary residence of the debtor. Detailed qualification for a Texas Homestead Exemption is determined under the Texas Statute. Only 16 states allow debtors to select either the state or federal statute set forth in 11 U.S.C. 522 which limits homestead values to $18,450 in equity under it's current amendments.

In Texas, legal definitions are derived from many sources, both federal and state: case law, statutes, rules of procedure, rules of evidence, and local practices. The application of law determines meaning, rather than common usage in ordinary conversations. For instance, a particular phrase used in a significant court decision may become popular, and is understood to include the rationale and requirements contained in the published opinion. For this reason, any debtor who may have questions about legal terminology should contact a qualified attorney for clarification. Most consumer specialists offer free consultations for anyone who is considering filing Chapter 7 or Chapter 13.

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