Bankruptcy in Texas

[nktatc]

I know that this may seem foolish to ask in this forum but I'll ask regardless.

Would anyone be able to point me to links concerning personal bankruptcy in TX. Yes I've searched and read articles. My concerns is that I've not found the best quality in articles.

[LexusLover]

Originally Posted by nktatc

I know that this may seem foolish to ask ... Would anyone be able to point me to links concerning personal bankruptcy in TX.

#1: There are no "foolish" questions, except the ones not asked; and
#2: http://hlrs.org/

As for #2, I recommend that people consult a "real" attorney on "the law," which may be the cause for the lack of the "best quality in articles."

Good luck,.....
... because if you keep representing yourself, you'll need lots of it.

[sharkie]

I work in the financing of small businesses, so I see many cases of personal bankruptcy. It's never going to be a smooth experience now that credit card companies have lobbied for and gotten massive changes in the law. Still, Texas and a few other states provide some relief, especially regarding your primary residence. You're facing a 10 year stain on your credit history (used to be 7), but you will see your credit score begin to rise several months after the court grants your request for bankruptcy, provided that you meet your obligations. There are a few legitimate credit card deals where you'll be given small credit lines along with higher interest rates. Use these to rebuild once you've gotten assurance from the companies that they do report to the credit bureaus. Get a lawyer.

[LexusLover]

Originally Posted by sharkie

Get a lawyer.

FYI: A "secretary" and/or a "legal assistant" is not a "lawyer" ... talk to the lawyer about your options and the realties ... what Sharkie said is true.

See #2 in my first post. FYI: The Houston lawyer referral service screens the attorneys it lists and sets standards for them. You should be able to get several names to contact. Spend a little money for a consultation about your options. Some don't even charge for a consultation, but do not expect a great deal of specific information for .... free ....

[PhantomofTheOpera]

Houston Volunteer Lawyers Program, part of the Houston Bar Association, is a good place for you to start your search: http://www.hba.org/folder-services/services.htm

As for the length of time the bankruptcy stays on your credit report... it has not been 7 years in more than 30 since the U.S.C. was updated in 1978 where the 7 year limit was updated to 10, as it pertains to personal bankruptcy. After the last update in October 2005, you now have an income test that limits you on whether you can file a Chapter 7 or be required to file a Chapter 13 instead. That means depending on your level of resources, you might be required to repay your debts but in a scheduled format.

Whatever you do, consult with an attorney that is board certified in Bankruptcy litigation.

Good luck.

[sharkie]

...it has not been 7 years in more than 30 since the U.S.C. was updated in 1978 where the 7 year limit was updated to 10

Not true. It remains at 7 years for Chapter 13 and Chapter 7's were coming off of credit reports at 7 years until 2005. The public record stays for an annoying 20 years. See the part about getting a lawyer.

[nktatc]

Thank you for for sharing your thoughts and information with me it means quite a lot and I'm most appreciative!
I've been able to pick up a lot from the information you've all been so kind to share.