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

I'm thinking about filing bankruptcy...
I'm thinking about filing bankruptcy. What do I need to do and what are the implications of doing this?
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Answered in 7 minutes by:
10/29/2013
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified

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
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified
WALLSTREETESQ and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
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WALLSTREETESQ
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
17,253 Satisfied Customers
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS

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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).

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