Legal Question in Bankruptcy in Texas

Should I file bankruptcy ?

I am recently unemployed. I have kept up with my credit cards however my car is now 3 months behind. I have spoke with gmac and they have given me 10 days to come up with the money. I will not be able to, so my question is would I recover my credit status quicker by filling bankruptcy or letting the bank repo the car?


Asked on 8/26/01, 7:49 pm

2 Answers from Attorneys
David Sergi Sergi and Associates PLLC

Re: Should I file bankruptcy ?

You should file a Chapter 13 if you can make your payments in a CH 13 plan. There are many variable here, ie, how far upside down are you in the car, are you working, do you have a source to pay current payments. If you live in the Austin area plase let me know and we can set up a free 30 minute consult with my office. You can also look at my web site sergilaw.com for more bk info.

Read more
Answered on 9/04/01, 9:16 am
Cole Fulks Cole Fulks, P.C.

Re: Should I file bankruptcy ?

To answer your question about credit recovery, a repossession will stay on your credit report longer than a bankruptcy (bad credit can last a long time, bankruptcy has a shelf-life of 7/10 years or less). Do you want to keep the vehicle? Are you able to get a job soon? The answers to these questions will help determine which form of bankruptcy, if any, will get you where you want to be. If you are in the Fort Worth/Dallas area, contact me...maybe I can help you.

Read more
Answered on 9/04/01, 5:47 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Texas