Fifth Circuit Finds Legal Basis To Void Allowed Exemption

By Johnie Patterson, Walker and Patterson, P.C., Houston, TX

Mark Frost filed a Chapter 13 bankruptcy. Property of his estate included his home in Cibilo, Texas. Mr. Frost claimed his homestead exemption under state law. The Texas homestead exemption exempts the homestead property itself as an interest in real property without monetary limit. Texas law further provides that if a property owner sells their homestead, they must reinvest the proceeds in another homestead within six months or the proceeds are no longer exempt. TEX. PROP. CODE § 41.001(c). Frost’s claim of exemptions drew no objections . . .

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