Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
1) Since Texas is a Community Property state, you can also be held liable for any bills your husband incurs while you are married - even if those bills are only in his name - unless you also file a Bankruptcy.
2) When you file a Bankruptcy, your debts are discharged, but you can continue to pay for the things you want to keep - such as your house mortgage and your car loan.
3) The best way to find a reasonable, reputable attorney is to call the Texas Bar Association to ask for a recommendation for a Bankruptcy attorney. The number is 800.204.2222.
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I appreciate your time and promise to accept your answer, just still have a few more questions! If we both file bankruptcy how can we ever build enough credit back to be able to get financed for an emergency situation since we have 3 kids. Is it possible to build your credit during the 10 years ?. I have a care credit account and a few other credit cards that have good revolving standings. Will they be closed?
If you have not paid your mortgage for 3 months, your credit rating has already taken a "hit", and filing a Bankruptcy will not reduce it much more. Within one year after filing a Bankruptcy, and if there is no further negative activity, your credit score will start to increase. It will gradually increase over a 10-year period.
Yes - the credit accounts you currently have will be closed. However, credit card companies typically begin to again offer credit within one year after a Bankruptcy is filed.
If the mortgage is in your husband's name only, and if it was obtained before you were married, a foreclosure will not show up on your credit report.
If you do not file, you will remain liable for any money owed to the contractor and to the lawyer, because those debts were incurred during your marriage.