Legal Question in Bankruptcy in Texas

Re: A New Car

Buying a new car prior to filing bankruptcy is a perfectly legitimate and good strategy. This is particularly the case since you only have one vehicle. Under Texas law each family member of driving age is entitled to a car and can keep that car in spite of any debts. In other words, no creditor can force you to sell your cars. However, you will of course have to be able to pay for the car loan payments.

I am concerned with your question because you have stated that you will file for chapter 13. Maybe you have the chapters confused. You sound like a candidate for chapter 7. In order for you to be successful in a chapter 13 you must have more income than expenses so that after subtracting your necessary expenses you are able to make a chapter 13 payment to, in effect, pay down on your debts. (over three to five years). Please feel free to call me about this. I'd be happy to speak with you. ph. (214) 979-7330 or (800) 303-0720