Not knowing all the details, I am still inclined to agree with what the attorney you met with told you.
The attorney said you would probably have to file Chapter 13 and that you would live "comfortably." This is probably true with a $75,000 gross income. Basically, according to the Means Test
, a household of two people in Texas has to make $55,859 gross income or LESS to qualify for Chapter 7
, and since you make more, you will likely be required to file Chapter 13 (see the U.S. Trustee
website showing how much gross income a family can make by State, HERE
Basically the Means Test is a formula; your income is plugged in, then your taxes, insurance, medical expenses, etc, and the IRS
standards for living expenses are plugged in, and at the end it tells you how much you have to pay to the Bankruptcy Court
each month for 60 months. At the end of the 60 months, you are out of debt even if you payments only equaled a small percentage of your total debt. The question is not how much you owe, but how much you can afford to pay back. The Means Test is supposed to generate a payment amount low enough to let you still make all your monthly bills, though it is still usually higher than people expect (but better than not filing bankruptcy at all).
Since your wife is facing back surgery, it is a good idea for her get that out of the way, THEN file bankruptcy. If you file bankruptcy BEFORE the surgery, and she gets stuck with $100,000 of new medical bills from the surgery, those bills CANNOT be discharged in your bankruptcy since the bills were incurred after your case was filed. So, you "save the silver bullet," meaning you wait until all the medical bills are incurred, THEN file bankruptcy so you can discharge them.
Hope this helps. Any other questions please let me know!
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