Filing a bankruptcy is a serious matter it will hurt your credit score,
and it will take a few years to regain your credit.
In terms of starting if your household income,
is below the State income, you can qualify,
in regards XXXXX XXXXX process it will take 3-6 months to finalize,
also any property you have could be at risk,
if you have no property with equity, and have limited income, a bankruptcy is a good option with little risk
how many people live in your household?
do you have equity in your home,
You could try a chapter 13 bankruptcy which is a payment plan bankruptcy,
where you can make a 60 month payment plan for your debts,
and reduce your debts significantly as well,
it will really depend on the equity of your property,
the more you have the harder for you to obtain a bankruptcy
the principal can be reduced 90%
depending on how much you have left over every month,
so if you only have $100 left over
that would be your monthly payment
Under the Texas state exemption system, homeowners may exempt an unlimited amount of their home or other property covered by the homestead exemption.
So regardless of your equity, in TX the entire property equity is exempted,
and if that is the case, I would consider a chapter 13,
a chapter 13 would go by your monthly expenses, so if you have $100,000 in credit card debts,
and after paying all your expenses, you only have $100.00 left over,
you would have a 60 month play were you pay $100 to your creditors,
which is $6000 out of the $100,000
you end up discharging $94,000
I would consider this option.
The link above is the TX exemption description,
If you have any further questions please do not hesitate to ask.
If satisfied please provide us with positive feedback as well.
good luck, and if you have any further questions please do not hesitate to ask.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).