Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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.
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