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    toostressed's Avatar
    toostressed Posts: 5, Reputation: 1
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    #1

    Mar 3, 2008, 06:48 PM
    Does a chapter 13 look better on credit reports ?
    I qualify for a chapter 7; however, my property that isn't a homestead may be seized. It's my understanding that filing a chapter 13 will enable me to keep my land. Can someone please advise me on what I can do to exempt my other property (it's right beside my house, sharing the same fence line). I'm in Texas.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Mar 3, 2008, 07:02 PM
    Each state has their own laws as to what is exempt. Normally it is a money value of property. So it may depend on what equity you have in those properties.

    Now under a chapter 13, you work out a payment plan to keep property where you re-affirm certain debts and also pay unsecured according to a budget.

    There is nothing you can do to exempt it, it is either exempt or it will not be under Texas bankrutpcy rules.
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