Legal Question in Bankruptcy in Texas

State Retirement Acct., Home and Car Exemptions

If I bought a $5,000 car on 12/31/03, how long should I wait to file Ch. 7 to avoid suspicions of fraud? Is my state employees retirment acct. exempt from the bankruptcy estate? I have not been able to pay my mortgage in 3 months and the bank has asked for financial information for evaluation of options related to my mortgage. Should I complete and send this information to the bank if I am contemplating a ch. 7 filing? How long would it take them to foreclose on the house?


Asked on 1/30/04, 10:59 am

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

Re: State Retirement Acct., Home and Car Exemptions

You are asking several questions in one. I'll try to address each very briefly but don't hesitate to call me for more detailed information. 1. If you bought a new car recently I'd probably wait to file for about 6 weeks. 2. Your retirement money is exempt. 3. I would send in the information that the mortgage company is requesting. In my opinion they probably will probably say you do not qualify for their forbearance plan but it's worth a shot. 4. Once you get a letter stating foreclosure has been initiated it usually takes about 75 days before your house could be auctioned at a foreclosure sale. BE VERY CAREFUL TO READ ALL OF YOUR MAIL IF YOU ARE IN FORECLOSURE. Please feel free to call me to discuss this in more detail. (214) 637-0713 or (800) 303-0720

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Answered on 1/30/04, 4:40 pm


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