Legal Question in Bankruptcy in Texas

Is Bankruptcy right for me?

My husband and I are considering Bankruptcy. here is the short of the long. We have some debt (not debilitating) but alone is not the problem. My husband was laid off and out of work for four months. We have four chidlren and he is our only source of income. Recently we learned that our past landlord had received a motion of judgement against us for $14,000. Although her claims are false, we do not have the money to fight this legally. We cannot possibly pay this judgement now or anytime in the future. My husband is employed now but our debt from being out of work has really stacked up. We are considering bankruptcy as it seems the only option - considering that we cannot possibly pay this judgement amount. Is a Chapter 7 the best route for us? We own no property or have other assets. We have a home mortgage and two car payments. We have no monies in savings or hidden away in other accounts or assets. We do not have heavy credit card debt (approx $7,000) but do have several non-dischargeable debts like student loans and car payments. The judgement is the "debt" we can't find a way to recover from. Is bankruptcy right for us? Any advice? Thanks so much for your help.

1 Answer from Attorneys

Related Questions & Answers

More Bankruptcy Law questions and answers in Texas

Looking for something else?