Common Types of Real Property
One of the primary concerns of a Chapter 7 bankruptcy is exactly how much you will lose to liquidation in order to pay off your debts and how much of your property can be exempted. In Texas, you are permitted to exempt a large amount of real property from liquidation in the bankruptcy process, but determining what exactly constitutes real property can be a somewhat confusing undertaking.
If you are considering pursuing Chapter 7 bankruptcy and have questions about how your property will be treated, our experienced Houston Chapter 7 lawyers at the Russell Van Beustring P.C., have the resources and knowledge you need for proper guidance and advice. Call today at 713-973-6650 to learn more about your legal rights and how bankruptcy may help solve your financial problems.
What is Real Property?
Real property is generally defined to be immovable property, or real estate. This most commonly means land or your home, but the following are various ways to own property that is considered real property in the view of a bankruptcy court:
- Fee simple: Outright ownership.
- Lienholder: You hold a mortgage or lein against the property, but not the property itself
- Future interest: Right to own property at some point in the future.
- Contingent interest: Your right to the property depends on conditions outside of your control
- Life estate: Right to possession that is limited to your lifetime.
It is important to have access to a knowledgeable attorney who can help you retain ownership of real property to which you are entitled when filing for bankruptcy.
At the Russell Van Beustring P.C., our experienced Houston bankruptcy attorneys are committed to providing exhaustive and effective legal counsel to individuals in financial distress. If you are considering Chapter 7 bankruptcy and have questions about the process, call today at 713-973-6650 for a free consultation with an experienced attorney to discuss the details of your case.