Legal Question in Bankruptcy in Texas

How do I fix my finances???

I'm a 39 y.o. nurse and single mother of 1 - no other parent or chid support - and I have managed to screw up my finances! I solely pay a morgage /co-own a home with my parents ( who are overseas ), own my car, and care for my special needs child and have debt in the approx. amount of $15 K aside from the house - most of which are medical bills. Okay, that may seem like small potatoes for some but, it's insurmountable to me! I barely make it by each month with what I make, and that is not including paying on these outstanding bills. The bills keep growing, and I feel like I'm suffocating! I have looked into debt consolidation but, feel that the three companies I've encountered will take more of my money than they will pay to my debts! I'm not sure how to come up with the money to just keep going and pay the debts as well either. I can't get credit ccurrently, and fear bankruptcy will make that and insurance costs impossible for me to ever acquire again. I need good, Honest advisement on how to get back a handle on my finances - please.


Asked on 2/26/05, 1:02 pm

1 Answer from Attorneys
Andrew Nichols Law Office of Andrew B. Nichols

Re: How do I fix my finances???

I honestly believe you should file a chapter 7 bankruptcy and start over! Everyone deserves the chance to get a fresh start --- that's what bankruptcy was designed to do. As a result of filing you will probably have to pay a little more for insurance. But, your insurance may be on the rise anyway because of your bad credit. In terms of credit cards, you will receive multiple offers for new credit cards after your bankruptcy case is finished. I would advise you to get 1 card only and make very small charges on the card. If you make these small charges and make timely payments you can rebuild your credit in about 2 to 3 years. It's going to take you probably 10 to 20 YEARS to pay off these debts based on the amount of income you make and the amount of interest you are being charged. Please feel free to call me to discuss your situation in more detail. (214) 637-0713

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Answered on 2/27/05, 6:49 pm


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