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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Im thinking about filing bankruptcy. What do I need to do

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I'm thinking about filing bankruptcy. What do I need to do and what are the implications of doing this?

WALLSTREETESQ :

Filing a bankruptcy is a serious matter it will hurt your credit score,

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and it will take a few years to regain your credit.

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In terms of starting if your household income,

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is below the State income, you can qualify,

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in regards XXXXX XXXXX process it will take 3-6 months to finalize,

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also any property you have could be at risk,

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if you have no property with equity, and have limited income, a bankruptcy is a good option with little risk

Customer: My income is approximately 80000
Customer: I have a home with a mortgage
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how many people live in your household?

Customer: Me and three kids
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do you have equity in your home,

Customer: Im sure I do. Not sure. I know I could sell this house for a lot more than what I owe. The market here is really good
WALLSTREETESQ :

You could try a chapter 13 bankruptcy which is a payment plan bankruptcy,

WALLSTREETESQ :

where you can make a 60 month payment plan for your debts,

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and reduce your debts significantly as well,

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it will really depend on the equity of your property,

Customer: 60 months with all of my debt? There is no way I'll be able to afford that
WALLSTREETESQ :

the more you have the harder for you to obtain a bankruptcy

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the principal can be reduced 90%

Customer: What's the probability of creditors suing me then?
WALLSTREETESQ :

depending on how much you have left over every month,

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so if you only have $100 left over

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that would be your monthly payment

Customer: I have nothing left. I'm living paycheck to paycheck and sweating it
WALLSTREETESQ :

Under the Texas state exemption system, homeowners may exempt an unlimited amount of their home or other property covered by the homestead exemption.

WALLSTREETESQ :

So regardless of your equity, in TX the entire property equity is exempted,

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and if that is the case, I would consider a chapter 13,

WALLSTREETESQ :

a chapter 13 would go by your monthly expenses, so if you have $100,000 in credit card debts,

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and after paying all your expenses, you only have $100.00 left over,

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you would have a 60 month play were you pay $100 to your creditors,

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which is $6000 out of the $100,000

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you end up discharging $94,000

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I would consider this option.

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The link above is the TX exemption description,

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If you have any further questions please do not hesitate to ask.

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If satisfied please provide us with positive feedback as well.

WALLSTREETESQ :

Thank you

Customer: Tks
WALLSTREETESQ :

good luck, and if you have any further questions please do not hesitate to ask.

WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you