Chapter 7 Bankruptcy Lawyer
Q.Up until the end of October 2001, I was employed making 71K as a system administrator. I was laid off and unemployed until a week ago. I am now doing some contract work. I am married and have 3 children and live in Texas. My wife was a stay at home mom until the middle of December. This is what we are making combined right now: $5350 Gross/month ($64,000/annually although my contract job is just for 3 months) Our debts are as follows: $34,599.39 in various credit card debt. $ 1,359.00 mortgage payment ($139,000 loan) $ 393.00 car payment ($19,000 loan) $ 265.00 truck payment ($13,000 loan) Now my questions: 1. Will I qualify to file Chapter 7 bankruptcy ? 2. Will I be able to continue to keep my house, 2 cars and pay on those ? 3. All of our furniture, TV, stereo, and refrigerator are part of the $34K worth of credit card debt. (Best Buy and Roomstore furniture, both of which use the same bank for financing, HRS) Will we be able to keep any of these things ? Or will they be repossessed ? 4. Also part of the 34K credit card debt is a loan through Citifinancial that was secured with home computers and TV's (not the Best Buy TV) ? Can I continue to pay them after bankruptcy so they won't come and take my computers, etc. ?
A.1. It's impossible to say without a detailed review of your financial situation. 2. Assuming the payments are current, it is likely that you will be able to. 3. You normally keep everything that was purchased with an unsecured credit card. 4. You should. In many cases involving consumer goods, even if you don't pay, it isn't cost-effective for the lender to go to court to repossess these goods. 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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