Legal Question in Bankruptcy in Texas

Re: should i file for chaper 7

Short answer -- you certainly can be successful in a Ch. 7 case.

I STRONGLY RECOMMEND YOU FILE. You and your family deserve a fresh start. All of your bills would be "discharged" (bankruptcy term which means eliminate or wipe-out). If you own a home and a car you can keep this property along with all of your other personal property. The fact that you don't receive any income and don't have a job will not prevent you from filing Ch. 7. Many people, unfortunately have the mistaken belief that they must be near poverty to be eligible for filing a Ch. 7. This is not the case. I would be pleased to represent you in this matter and/or discuss your particular circumstances in more detail. ph. (972) 231-5500 or (800) 303-0720

Re: should i file for chaper 7

Whether to file depends on a number of things. Texas provides cetain exemptions for personal and real property. For example you individually have a $30,000.00 exemptions for personal property which includes your household furnishings, clothing, jewelry up to $7,500.00, your equity in your car etc. If you own a home your equity is 100% exempt. This means creditors, except the IRS, cannot take those assets, even if they have a judgement against you. If you can tough out the telephone calls you don't have to file a Chap 7 now, although you appear eligible. Also, sometimes you can cut deals with the credit card companies to pay 20 to 30% to settle the debt. If you don't want to bother with all this file a Chap 7. Cost? Filing fee $200.00 and probably a minimum of $700.00 for an attorney. Larry Maun 713.266.2560