Are severed non-producing mineral rights consider real or personal property in and can I apply my homestead and wildcard exemption to cover them?

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Are severed non-producing mineral rights consider real or personal property in and can I apply my homestead and wildcard exemption to cover them?

I’ve calculated the current market value as the amount paid for the 3 year lease which expires next year. I have look all over for this information and it seems different for each state. I cannot afford a bankruptcy attorney and the one I did have could not decide what to do with them since they are located out of state and he did not deal with mineral right issues here.

Asked on February 25, 2013 under Bankruptcy Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the laws of all states in this country, severed non-producing mineral rights are deemed personal property and simply are not subject to a homestead or a wild card exemption to cover them. Given the situation that you have written about, I suggest that you consult further with a real estate attorney in the subject as to how to protect your interests in such.


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