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    #1

    Filing

    My husband and i have decided to file definitily for him and maybe for me...but before we do i have some questions that i know you all can help me with.
    1. I am a stay at home mom looking to re-enter the workforce how will this affect the filing?

    2. What are the exemptions on claiming ch 7?? all my husbands debt is from a previous marriage that continued into our, foreclosure, repo and 35,000 in misc. debt.

    3. i owe Credit cards and now collection agencies only i know i can negotiate these down and pay about 10000...which if this job works out will take 6mo or so..do i do this or file before the job comes??

    4. What is a good site to find reputable lawyers in Houston, TX!!

    Thanks
    Tags: None
    #2
    Hubby's debt from a previous marriage,............. Is any of that debt specified as his responsibility in his Divorce Decree?? If so, it's possible that debt may not be Dischargeable.

    Why file if you're gonna negotiate your debt and come to some mutually agreeable settlement?? Both BK and Debt Settlement negatively impact your Credit about the same. But with Debt Settlement, the Creditor could issue you a 1099C making the "forgiven debt" taxable income to you. If you're talking any significant amount of debt written off, you could easily owe a tax bill up into the thousands of dollars.

    In order to help you with Income levels, we'd need to know how many people in your family.

    Here's a link to Exemptions for the State of TX:

    http://www.bankruptcyinformation.com/TX_exemp.htm
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

    Comment

      #3
      Keep in mind that Texas does not allow any type of wage garnishment (except for IRS) and that the homestead exemption is unlimited. So take your time and make sure you do everything the right way. Its very unlikely anyone can get anything from you anytime soon. Keep us posted and good luck.
      Chapter 7 Pro Se....Discharged Feb. 2006

      Comment

        #4
        My husband and i have decided to file definitily for him and maybe for me...but before we do i have some questions that i know you all can help me with.
        1. I am a stay at home mom looking to re-enter the workforce how will this affect the filing?

        Income is based on the previous 6 months of income, so you should be fine if your family size vs income is under median!

        2. What are the exemptions on claiming ch 7?? all my husbands debt is from a previous marriage that continued into our, foreclosure, repo and 35,000 in misc. debt.

        Check the "Exemptions" section of this forum and look under Texas

        3. i owe Credit cards and now collection agencies only i know i can negotiate these down and pay about 10000...which if this job works out will take 6mo or so..do i do this or file before the job comes??

        I would go ahead and file now if I was you... but that's a decision only you can make!

        4. What is a good site to find reputable lawyers in Houston, TX!!

        Sorry, can't help you there... but I'm sure someone can!

        Thanks
        3/27/07: Chapter 7 Filed - Pre-filing true FICO (hers/his) 450/477
        5/10/07: 341 Meeting DONE! Trustee's Report of No Distribution Filed
        7/04/07: FICOs going up! Credit report cleanup (hers/his) 540/536
        7/10/07: DISCHARGED! 8/27/07: CLOSED!

        Comment

          #5
          Ok, we have a meeting on thur...he is charging 50$ for the consult is this normal??? its the first one so i dont know. as far as my debt i owe clost to 25000 but i know it could be negotiated down to around 10000 or so and we dont (obviously) have the income for alot of taxes. there is 3 in our family. any yes almost all of my husbands debt was mentioned in the divorce decree as to what she and he get...will that not be able to be discharged by the bk?? if not then there is no point to file because it is all from the years he was married before.
          thank you guys for all your help!!!

          Comment

            #6
            They normally don't charge for the the initial consultation. You can find three more that don't charge!!! I would change to someone that doesn't charge!!!
            Chapter 7 Pro Se....Discharged Feb. 2006

            Comment

              #7
              I agree! Not an expert as I just started coming here for help myself but you should not have to pay for an initial consultation. There are also ways of figuring out on your own if you pass the means test and qualify for a ch 7.

              go to http://www.usdoj.gov/ust/eo/bapcpa/meanstesting.htm

              It seems a daunting task (the means test) but if you follow the directions, it will work. My consulations with lawyers at this point is just to try to figure out who will do the best job for me for the lowest price.

              (I had one lawyer tell me he would charge me $300 just for the means test alone. Yeah, right!)
              Filed Chapter 7 Pro-Se May 29, 2008
              341 July 1, 2008
              Discharged September 4, 2008
              Closed November 10, 2008 :-)

              Comment

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