Legal Question in Bankruptcy in Texas

Re: Guarantor's credit

You cannot pick and choose which debts you will list. All your debts must be listed. In addition, all your assets must be listed. However, when my office prepares a bankruptcy we do not list every spoon and fork. I believe the essential furniture and substantial items is what is required. In terms of the guarantors, their credit will probably be negatively effected especially if they do not pay off the loan after you have eliminated (discharged) the debt in your bankruptcy case. The obligation to pay the debt then transfers to the guarantors. One option you should consider is pledging to reaffirm this debt. Basically you would sign a special contractual pledge inside the bankruptcy case that would state that you are going to repay the debt and specify payment arrangements. Please feel free to call me to discuss your particular situation in more detail. ph. (214) 979-7330 or (800) 303-0720

Re: Guarantor's credit

If you chose to file bankruptcy you must list all of your creditors and all of your assets, you cannot pick and chose. The guarantors of your loan will be called upon by the creditor to perform on their guarantees. If they perform(pay) their credit will not be affected. Although you list all assets many of them are exempt, you get to keep them. You can keep your car, but if it financed you will have to keep making payments. $30,000.00 worht of personal property is exempt. If you own a house it is exempt, but you must keep making payments. Call if you wish to discuss. Larry Maun 713.266.2560