How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask WALLSTREETESQ Your Own Question

WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15246
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Type Your Bankruptcy Law Question Here...
WALLSTREETESQ is online now
A new question is answered every 9 seconds

Im thinking about filing bankruptcy. What do I need to do

Resolved Question:

I'm thinking about filing bankruptcy. What do I need to do and what are the implications of doing this?
Submitted: 5 months ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 months ago.

WALLSTREETESQ :

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

WALLSTREETESQ :

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

WALLSTREETESQ :

In terms of starting if your household income,

WALLSTREETESQ :

is below the State income, you can qualify,

WALLSTREETESQ :

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

WALLSTREETESQ :

also any property you have could be at risk,

WALLSTREETESQ :

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
WALLSTREETESQ :

how many people live in your household?

Customer: Me and three kids
WALLSTREETESQ :

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,

WALLSTREETESQ :

and reduce your debts significantly as well,

WALLSTREETESQ :

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

WALLSTREETESQ :

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,

WALLSTREETESQ :

so if you only have $100 left over

WALLSTREETESQ :

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,

WALLSTREETESQ :

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,

WALLSTREETESQ :

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

WALLSTREETESQ :

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

WALLSTREETESQ :

which is $6000 out of the $100,000

WALLSTREETESQ :

you end up discharging $94,000

WALLSTREETESQ :

I would consider this option.

WALLSTREETESQ :

The link above is the TX exemption description,

WALLSTREETESQ :

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

WALLSTREETESQ :

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, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15246
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 3 other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.