Legal Question in Bankruptcy in Texas

Re: I Don't Know What to do

You live in north Texas so hopeful a lawyer from up there will respond to help you. You are a candidate for a Chap. 7 or 13 bankruptcy. Either Chap will clean out most of your debt. You will be able to keep your house, but will have to make payments on the loans, you can keep the car if you chose to, or give it back. If you keep it you will have to continue to make payments. You savings may be exempt if the federal exemptions are viable for you. This is a complex area of law and it will go a long ways towards taking some of the stress away, but you really need competent legal advice. I am in Houston so would be inconvenient and too expensive to retain me. Larry Maun 713.266.2560

Re: I Don't Know What to do

Short answer -- I believe you should file for a complete discharge under Chapter 7.

Your debts are probably high but all things are relative. The key is what your monthly income is and how much available income you have after you pay your essential bills (excluding payments to credit cards). I doubt you have very much leftover at the end of each month since your wife has lost her job, therefore I estimate you should file for complete relief under Chapter 7. IT WILL HELP YOU EMOTIONALLY AS WELL AS FINANCIALLY! Please read my previous answers to the question of whether or not you "qualify" to file. I believe that most people should attempt to file under Chapter 7 unless there is a good strategic reason for filing under Chapter 13. As long as you are able to make your house payment then chapter 7 is the best strategy. Please feel free to contact me personally to discuss your particular situation in more detail. ph. (214) 979-7330