Bankruptcy Attorney Houston
Q.I have a huge amount of credit card debt, already on Consumer Credit Counseling Service which has lowered my interest rates and helped out. But the monthly payment, plus my car payment and other minor expenses, is way more than I would expect to earn from any old money job paying minimum wage or even twice as much. My parents can help me pay off the car if I ask, but the credit card debt is too much even for them. Once I find a computer programming job again, I will make much more than my minimum payments, and can begin paying off the credit cards again. 1/ what are the implications of filing bankruptcy? 2/ Will the credit card companies continue to charge me interest? 3/ According to the terms of the CCCS agreement, if I miss a payment to the credit card company, they will jack my interest rate back up and begin charging me fees again. 4/ Will I have to pay these debts eventually after filing bankruptcy? Note that it is not my intention to walk away from these debts. I want to pay them off. But if my interest rates are raised (to about double or triple of what they are now), even with a computer programming job I will be hard pressed to keep up. 5/ What about my car? Can I declare bankruptcy but exclude the car, pay it off, and keep it? I have no other assets to speak of, and no other financial obligations besides the car and the credit card debt. Any advice
A.1/ & 2/ No. Once the bankruptcy is filed, interest stops. 3/ In a Chapter 7, all of your debts are discharged. This means that you do not have to pay them, ever. 4/ No. 5/ So long as the payments are current and kept current, and it has minimal (or no) equity, you can keep it. I have written a Bankruptcy FAQ which should answer many of your questions about what is involved--it may be found at http://users.erols.com/lawyer/FAQ/br_faq.htm. I strongly recommend speaking with a local bankruptcy attorney. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do.
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