What is a “homestead exemption?
A homestead exemption provides relief from property taxes by exempting all or a portion of the valuation of a home from taxation. The State of Nebraska reimburses the counties and other government subdivisions for the taxes lost due to homestead exemptions. Homestead applications must be made annually after February 1 and no later than June 30. Assessor staff and volunteers will visit various homestead assistance remote sites throughout the county each year on specific dates and times during April, May and June.
As was already mentioned, certain property is exempt from execution to satisfy a court judgment against you. In other words, that property cannot be legally seized to satisfy a debt. In Texas, most people’s houses are subject to an unlimited exemption, known as the “homestead exemption” (See Texas Property Code Sec. 41.001 and 41.002). In Chapter 7 bankruptcy, Texans have the option of choosing their state property exemptions, which includes the homestead exemption. If you are eligible, this allows you to file for Chapter 7 bankruptcy in Texas and keep your house, no matter how much it is worth. You should consult with an attorney when deciding whether choosing your state property exemptions in a Chapter 7 case is right for you.
