Legal Question in Bankruptcy in Texas

I have several credit cards debts from 2-3 years ago that I havent been able to pay and now the quantities have doubled of what I originally owed. Fortunately I have been able to maintain a stable income all this time but unfortunatelu due to all my current bills (House/2 Car payments/Gas/Food/Insurance, student loans,etc) I barely have money left month after month.

I owe close to $45,000 between credit cards and a reposesed car. My family's combined income is around $90,000 a year of course this is with over time.

I have close to $ 6000 a month of regular bills to pay, which includes personal college loans and now paying for my daughters college also.

Everything I own, I owe like a house and 2 cars. I dont have a savings account and on top of that I even maxed out loans from my 401 K.

With all this information would it still be possible for me to have a Chapter 7 Bankruptcy

I Thank you beforehand for your help and input.


Asked on 10/28/10, 10:00 am

1 Answer from Attorneys
Greg Wiley Law Office of Greg Wiley PLLC

The answer is maybe. This is not enough information to make a determination. You should talk to a qualified bankruptcy attorney. Every bankruptcy and situation is different. You are in a gray area where it could go either way dependent on family size and a few other factors.

Thanks, Greg

www.gregwileylaw.com

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Answered on 8/10/11, 1:01 am


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