Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
How much do you owe?
How much do you have?
How is it held (retirement account, bank savings, house equity, etc.)?
Ordinary creditors can't touch your retirement accounts, and in Texas can't garnish your wages, either. If you file bankruptcy jointly, you can keep up to $60,000 in personal property (furniture, jewelry, etc.). And, the $5,000 in cash, well that could be gone by tomorrow on the necessities of life.
So, it's only the $15,000 in the checking account that you may want to gamble away in a fit of dispair. Otherwise, you're a perfect candicate for Chapter 7 bankruptcy, which will make all your troubles go away.
For lawyer referrals, see: http://www.abanet.org/legalservices/lris/directory/.
House is untouchable under Texas law, no matter how much equity it has -- unless there's a mortgage or an IRS lien.
The rest of the stuff is covered under the $60,000 rule previously stated.
divorced and in jail/rehab for the next year.
Again thank you for your time and concideration and upon your reply I will accept this, the only reason I haven't so far is fear of losing the likk to you directly as these thought came to mind.
IF you have a mortgage, then you simply continue to pay it, and the lender won't be able to foreclose your house. Or, you could use that $15,000 you have in the bank to pay it off, which would make the money untouchable, because it's in your house.
Any sale of an asset for less than "reasonably equivalent value" (REV), if made within one year of filing the bankruptcy petition, can be avoided/set aside by the bankruptcy trustee. REV is sometimes said to be no less than 70% of fair market value, but there are some other elements that can cause the court to set aside a transfer for a greater amount, depending upon evidence of the debtor's intent.
So, my only thought here is to be careful how you value your assets if you choose to sell them.