Legal Question in Bankruptcy in Texas

Bankruptcy question. I have only two debts: the house, which is co-owned by a second party who pays nothing, and a truck. The house is in foreclosure status. My son and I currently live in it but will soon be homeless. The truck, which I've only had for a year and is in repo status, is in the shop needing work that costs more than the truck is worth. I have no job and have been unable to find one. Unemployment benefits have run out. No savings, 401k is gone now too. If I declare bankruptcy, what happens ot the house, what about the other part whose name is on the loan, and can I get the truck fixed and back to me?


Asked on 7/14/11, 8:28 am

1 Answer from Attorneys
Greg Wiley Law Office of Greg Wiley PLLC

I am sorry to hear about your situation. The house will ultimately foreclose but a bankruptcy filing will probably delay the imminent foreclosure. You should not be liable on the note after a bankruptcy discharge. As for the truck, if you wish to keep the truck, ultimately you must pay for the truck if you wish to keep it.

Thanks

Greg

www.bankruptcy-plano.com

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Answered on 8/10/11, 7:35 am


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