Brett,should I File 7 Or 13?
to make a long story short: Laid off in 10/2001 and retrained into IT(I know that was a huge mistake)obtained a low paying tech support position(17000 yr) and the wife was working. Everything was manageable. We were not behind in anything. Now the wife gets laid off, my company cut off overtime and now our budget has a shortfall of $450 a month. We are considering filing chapter 7 or 13. Total credit card debt is 14590,my son's education loan is now in default(14600)and the mortage is approx 13000, for a total of 42190. I can see the handwriting on the wall. Went to a credit counseling service(CCCS) the best budget they can up with has a shortfall of approx. 400 a month. If it aint there it aint there. We live in Texas. I have a basic knowledge of exemptions and the filing procedure. But which is best for us 7 or 13? How long does it take for total procedure completion? What are the cost involved both financially and social? Who is a good lawyer in my area? What is the recommend steps before filing?Thanking all of you in advance
If you are in Texas, I believe your home is completely exempt, no matter how much equity you have in it. File a Ch.7 and be done with it all and you will get to keep your house. Speak with an attorney for some serious pre-bankruptcy planning. You should come out fine. It sounds as if a Chapter 7 will be your best bet. I *strongly* recommend speaking with a local attorney. He or she can review your situation in detail and let you know what you can and can't do.
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