Legal Question in Bankruptcy in Texas

should we file bankruptcy

After years of using and abusing our credit cards, we are now $95,000.00 in credit card debt. We gross only $33,000.00 a year. Our credit card payments are over $2100.00 a month. We have been using our WONDERFUL preapproved credit limits to pay the minimums each month. We want to get out of debt and stay out. We are current on our cards only because of other card's credit. Should we file chapter 13, chapter 7, or just stop paying the credit card companies and let them file bankruptcy on us? Would my husband's check be garnished by the card companies? If it were, we couldn't eat or pay our home loan. We tried working with CCCC, but they couldn't help much. Should we try other credit counseling companies? I don't know if we can ever repay all that debt! We would like to try to repay some of it. We could probably make payments of about $500.00 a month. We don't know what to do!


Asked on 2/06/99, 8:52 pm

1 Answer from Attorneys
David Sergi Sergi and Associates PLLC

Re: should we file bankruptcy

If your debt is only credit card debt then I would file a Chapter 7, a 13 does you no good. The main thing is that if you ignore it life will be nothing but bill collecters. If you file you may well find that you can re establish credit and have reasonable credit.

David Sergi

Law Offices of David K. Sergi

109 East Hopkins, Suite 200


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Answered on 2/08/99, 10:28 pm


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