Legal Question in Bankruptcy in Texas

Minimum qualifications to declare bankruptcy?

What are the minimum requirements for declaring personal bankruptcy in Dallas, Texas? My friends are $60,000 in debt to Credit Card companies and although paying it off, are losing the battle against interest rates and other financial demands. The companies are now hassling them and they thought bankruptcy might be the only way out. They were recently told they may not "qualify" for bankruptcy, however. This is a middle class working couple, non-home-owners, with three children. They incurred the debt trying to start their own business. Is personal bankruptcy really not an option?


Asked on 9/20/99, 10:17 pm

1 Answer from Attorneys
Dorothy Bunce

Re: Minimum qualifications to declare bankruptcy?

I don't know who they talked to, but there still are no minimum qualifications to file bankruptcy other than not being able to pay your bills. Although a change in the law was passed, Clinton vetoed it, and it has not been re-enacted, to the best of my knowledge.

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Answered on 9/21/99, 8:07 pm


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