How Often Can I File Bankruptcy In TX

Good day

i live in Waco and have had very bad financial distress in the past couple years. i have been discharged from bankruptcy fifteen years ago and right now i have gone through the roof with debt ....... again. is it possible for me to file bankruptcy again? is it legal in my state to do so?

if not, can you suggest any alternatives?

i think there is no specific rule that applies in TX or in any other state

Federal law sets restrictions on how often an individual may file, regardless if s/he lives in Texas or not. They can only file for Chapter 7 bankruptcy once every eight years. If one has filed for Chapter 13 previously and wishes to file for Chapter 7, they can file for it after six years.

Chapter 13 can be filed four years after previously filing for Chapter 7, and two years after filing for Chapter 13.

Are you really dead set on filing for bankruptcy, anyhow? You do have alternatives available, like credit counseling, and debt settlement. I'm sure you are aware of the effects that bankruptcy has had on your credit report.

Can you tell Me more about these options, ma'am? I want to get these things over with. I am $55,000 in credit card debt. I also have fallen behind on my house payments. What do you think should i do?

Given your current situation GoneBonkers I think debt settlement would be a good option for you. Of course you can either do it yourself or hire the services of a third party. If you choose to settle, a portion of the principal balance owed will be waived. You'll be tasked to pay at least 30-60% of the total debt amount. You can either pay it in increments or in one lump sum. If you choose the former, it may take 12-24 months, if I'm not mistaken, before the loan would be paid off.

Since you mentioned that you are behind on your mortgage, I'd also like to advise you that settlement is only applicable towards your credit card debts. That's because they are unsecured debts, meaning they do not have collateral attached to them.

I agree with Karess that bankruptcy in Texas is the same nationwide except that it is one of the community property states - in which 1/2 of your spouse's liabilities are your liabilities too. But in Texas is not a 50/50 state so the court may/will divide the bankruptcy estate in an equitable manner.

hi, im back, thanks so much for the replies

so how much should i prepare if i will settle my debts? do i have to pay it upfront? whose services would you recomment?

Typically debt settlement companies charge at least 15-25% of the total debt amount that you have, and it will be spread out depending on your agreement with the company. It may be distributed during the entire payment process, or for a certain number of months only. So you don't really need to worry abt any up-front fees. Some companies charge a monthly fee for maintenance dues. It's always best to shop around and look for the company that would get you the best deal and value for your money.

What you can also do is fill out a form on DestroyDebt.com and you can be matched with a qualified provider who can help you out. The service has no cost, too.

Keep in mind that debt settlement will not help you with your mortgage. I saw that you are also behind on those payments. That is a secured debt and as a result a settlement is not an option. You need to be aware that most lenders on average will consider foreclosing after 3 consecutive monthly payments are missed.

You may want to see if you qualify for a home loan modification to help you out with that. If you do, and that allows you to regain control of those payments, then you may want to consider settlement for your credit card debt.

Also- make sure you aren't falling behind on your mortgage to pay off your credit cards. It is also better to be behind on unsecured debt as you will have the option of negotiating the principle amount that you owe later on down the line. So, catch up with the mortgage first and address the credit cards second.