Legal Question in Bankruptcy in Texas

Re: Many Questions about Bankruptcy

You should most likely file under Chapter 7. I believe that you have correctly done the math and you realize this is something you should do now. You will be able to revamp your credit over a period of three years after your bankruptcy case is processed and finished. After approximately three years you should be able to get approved for a mortgage. Everyone deserves an opportunity to start over fresh. The emotional and financial benefit to will be significant. READ MY FIRM PHILOSOPHY! After the bankruptcy is filed you can probably save money. This will be a minor issue. Please feel free to call me personally to discuss your particular situation in more detail. ph. (214) 979-7330 or (800) 303-0720

Re: Many Questions about Bankruptcy

Probably a Chapter 7 to discharge the mortgage deficiency (the second lien, its no longer a lien if the first lienholder has foreclosed) and to discharge the credit card debts. Bankruptcy will stay on your credit report for 10 years. It will hurt your ability to get credit, although since you already have a foreclosure on record, your credit is already adversely affected. Once you file a chapter 7 bankruptcy, all the income that you earn after you file is your property. You could start saving money after you file. Any savings that you now have you might lose depending upon which set of exemptions (state or federal) are right for you. The state exemptions are usually more advantageous, however the federal exemptions have a "wildcard" exemption that can be used to exempt cash. The time until you can buy another house will vary. There are mortgage lenders who have products for borrowers with credit problems although these usually come at a higher interest rate.