Legal Question in Bankruptcy in Texas

recently paid off student loan with credit card

About three months ago I recently paid off a 10k student loan with a low interest credit card advance (to me, then I paid off the student loan. Both were near 4% fixed). Since then I lost my job and may need to file bankruptcy soon if I don't find another job. I also have about 20k in unrelated credit card debt (30k total).

Will all my credit card debt be wiped out, or will the bankruptcy court look unfavorably on my paying off the student loan? How far back will they look? I have also been self employed at times the last few years and file a schedule C every year. Should I wait or file soon? I've always had very good credit and made my payments on time, but this economy is just killing me!

Asked on 8/23/04, 8:05 pm

1 Answer from Attorneys

Andrew Nichols Law Office of Andrew B. Nichols

Re: recently paid off student loan with credit card

I would wait for approximately 6 more months befoe I filed. Then it will be far less likely for this to be an issue. PLEASE READ MY FIRM PHILOSOPHY! Everyone deserves a chance to start over fresh. Please feel free to call me to discuss your situation in more detail. ph. (214) 637-0713

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Answered on 8/24/04, 9:24 am

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