Exemption question in Texas

[Mrogdog078]

I lost my job a few weeks ago, and have been contemplating filing for CH7 for about 6 months now. I am married, have a son, and live in Texas.

Almost all the debt is in my name, including the house, both cars, and all the credit cards. We are going to let the house go through foreclosure.
My wife's credit score has improved (and we want to keep it that way), but mine is tanking fast.

How different is it if I file and my wife doesnt? Texas is a community property state.

How do the exemptions differ if I am filing alone? Do I follow the state exemptions for myself, or double it even though my wife isnt filing with me?
A single adult ($30k) or for family ($60k) for personal property?

Since we are not going to keep the house (very little equity and a need to move), can I use the homestead exemption to protect other property?

I have a truck, the wife has a SUV, and I have a "project" jeep that I was rebuilding. The Texas exemptions say 1 car per family member? Does that include my 10 month old son? The jeep is actually going to be his first vehicle, in 15 years! I want to keep the jeep, and its actual value is only about $1000 in its current condition.

Any help is appreciated!

[Shawshank]

Since you are not keeping your house, you may be better off using Federal exemptions.
I sold my home last year, so I am renting.
I used the federal exemptions when I filed in January.

[lrprn]

I lost my job a few weeks ago, ...

So sorry to hear that

How different is it if I file and my wife doesnt? Texas is a community property state.

Any debt you two incurred while you have been married and both said you would be reponsible to pay will be in question by filing alone. If you file alone and are successfully discharged, you are forgiven the mutual debt that came about during the marriage, but your wife is not. She could end up responsible for paying every debt that she agreed to be co-responsible for paying while you were married and living in Texas.

You need expert advice from an experienced Texas bk attorney in your area. Set up 3-4 free initial consultations and during the interviews, ask how filing alone vs. filing as a couple will impact your ability to get rid of unsecured debts and any secured debts for assets you don't wish to keep after filing from both of you.

How do the exemptions differ if I am filing alone? Do I follow the state exemptions for myself, or double it even though my wife isnt filing with me? A single adult ($30k) or for family ($60k) for personal property?

If you file alone, then you can't double any exemptions.

Since we are not going to keep the house (very little equity and a need to move), can I use the homestead exemption to protect other property?

The latest up-to-date Texas exemptions are listed here - http://www.thebankruptcysite.org/exemptions/texas.html . I see nothing here that allows you to transfer the homestead exemption to anything else.

As mentioned before, in Texas you also have the option to use the Federal bankruptcy exemptions instead of the Texas exemptions - the Federal bk exemptions are listed here - http://www.thebankruptcysite.org/exe...s/federal.html . The Federal homestead exemption does allow you to use the unused portion of homestead, up to $10,125, to protect other property.

To sort out what's going to work out best in the long run in your situation for both of you, you really need to meet with 3-4 experienced bk lawyers to get their legal opinions about the consequences of filing alone in a community property state and if using the Texas or Federal exemptions makes the most sense in your situation. Start making those appointment calls!