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Question about Personal Bankruptcy In Texas
Q. If you and your wife own a free and clear rural Texas homestead of 25 acres and a house (that a Designation of Homestead has been filed), and the county tax records show the 25 acres and house as your homestead, and you ALSO own a free and clear 50 acre track of raw timberland in another Texas county 200 miles away that is used only for growing pine timber - can you file Chapter 7 Bankruptcy & keep the entire 75 acres as exempt property after filing? Please refer to a specific Texas law or tax code if possible.
A. - You probably should not go through bankruptcy without a lawyer. He/she should be able to answer your question. A little Goggling reveals that Texas Property law allows you to keep a homestead of up to 100 acres in a rural area (1 acre in town.)
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