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  #1  
Old 10-14-2009, 11:40 AM
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Property

What is the name of your state (only U.S. law)? Texas, Can I keep my house if it is morgaged and the payments are not past due if I file bancrupcy? What about my business it is a shop owned by myself and two partners we are not making any money now because business is slow. We have no overhead except utilities. Everything is paid for. I dont want to lose my interest in this business. I appreciate any info you can provide. I also am retired from the state of texas and receive retirement check every month.
  #2  
Old 10-14-2009, 04:30 PM
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Join Date: May 2001
Posts: 6,450
Tx. has an unlimited homestead exemption so yes, you can keep your home as long as you're stay current on the mortgage.
The business may be a different story if, your interest in it can't be exempted. Sounds like the value in it may be the inventory. Depending on the amount involved, the trustee may just abandon any interest in the business.
Most bk lawyers give free or lowcost initial consultations. Speak with a few and see what they say.
  #3  
Old 10-14-2009, 08:59 PM
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sign over your business interests to your partners and when the bk is discharged buy it back...
  #4  
Old 10-14-2009, 10:46 PM
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Join Date: Jan 2004
Location: IN
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Quote:
Originally Posted by chrismiles View Post
sign over your business interests to your partners and when the bk is discharged buy it back...
And your legally accurate advice is...?
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