Legal Question in Bankruptcy in Texas

Qualifications for Bankruptcy

I need to find out if I qualify for bankruptcy and if so, 7 or 13. Currently, I have very little money left over at the end of the month. I have consolided some bills with a credit service, some regular bills, and a 13 year old vehicle that is soon to expire on me. I foresee major trouble ahead. I am in credit card debt in the amount of $31,000, and I bring home $32,000 a year. Also, a month ago, a friend of mine offered to help me in my situation by letting me transfer some of my bills onto his lower interest credit card (totalling approx. $10,000). I also rent a house through my family and I'v not been able to pay rent to them in over a year. What advice would you offer in my situation? Thank you in advance for your time!!!


Asked on 4/03/03, 5:05 pm

2 Answers from Attorneys
Andrew Nichols Law Office of Andrew B. Nichols

Re: Qualifications for Bankruptcy

You should definitely file for bankruptcy relief under chapter 7. PLEASE READ MY FIRM PHILOSOPHY! I think everyone deserves a chance to start over fresh. With the amount of income you have there is no way you would be able to pay off this debt for at least 18 to 25 years. There are no specific qualifications to file for bankruptcy. The debt you have is certainly enough debt to file. Please feel free to call me to discuss your case in more detail. ph. (800) 303-0720 or (214) 979-7330

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Answered on 4/03/03, 6:01 pm
Lawrence Maun Lawrence J. Maun, P.C.

Re: Qualifications for Bankruptcy

You must have a real friend! If you file bankruptcy your debt to your friend will be discharged. Of course you could voluntarily pay that debt back. You have options to file either a Chp 7 or Chap 13. A more thorough analysis would have to be done to determine which is appropriate. You will be able to afford the BAnkruptcy, the filing fee is $200.00 and attorneys fees will be 800 to 1500 depending on the filing, because you will have not other bills to pay except heat, lights, food, rent etc. Call if you wish to discuss. Larry Maun 713.266.2560

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Answered on 4/04/03, 9:00 am


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