Texas Homestead exemption and residency question
Okay, I am new to all of this, but we are contemplating Ch 7, lots of questions, but I need an answer to this one before we can move on to the next thing.
We live in Washington State, have all of our lives, we own rental properties in Washington State and Texas. We have owned the ones in Texas for just over 3 years, and they have equity in them where the Washington properties do not.
We have spoken to a Washington BK attorney and he told us that we qualify for Ch 7, but we should speak to a Texas attorney before deciding anything. I have been calling attorney's all week, but they don't really want to talk to me much in generalities and I have only gotten a "hmmm that changes things and you would have to look further into that"
Here is the question.
We are considering relocating to Texas and occupying one of our rentals as our primary residence for an exemption. Well, I guess this was not uncommon, so new laws have been written to combat this. As I understand it, you must have residency to claim Texas exemptions.
6 months or 2 years.
And not have acquired the exempted property in the last 1215 days.
Well we have owned the house we are relocating to longer then this, so does that satisfy the exemption requirement if we move and establish residency for 6 months?
Does anyone know of any cases like this or can anyone point me to code, statute, or law that may explain what I am asking.
When I ask the attorney's in Texas, they say "No must be 2 years" until I tell them we have owned the property for longer then the 3 years, and then they say that may change things.
Anybody able to clarify this for me?
I hope this made sense and that someone has some knowledge on this
Thanks in advance
We live in Washington State, have all of our lives, we own rental properties in Washington State and Texas. We have owned the ones in Texas for just over 3 years, and they have equity in them where the Washington properties do not.
We have spoken to a Washington BK attorney and he told us that we qualify for Ch 7, but we should speak to a Texas attorney before deciding anything. I have been calling attorney's all week, but they don't really want to talk to me much in generalities and I have only gotten a "hmmm that changes things and you would have to look further into that"
Here is the question.
We are considering relocating to Texas and occupying one of our rentals as our primary residence for an exemption. Well, I guess this was not uncommon, so new laws have been written to combat this. As I understand it, you must have residency to claim Texas exemptions.
6 months or 2 years.
And not have acquired the exempted property in the last 1215 days.
Well we have owned the house we are relocating to longer then this, so does that satisfy the exemption requirement if we move and establish residency for 6 months?
Does anyone know of any cases like this or can anyone point me to code, statute, or law that may explain what I am asking.
When I ask the attorney's in Texas, they say "No must be 2 years" until I tell them we have owned the property for longer then the 3 years, and then they say that may change things.
Anybody able to clarify this for me?
I hope this made sense and that someone has some knowledge on this
Thanks in advance
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