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Chapter 7 in Texas

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    Chapter 7 in Texas

    Hi. I have been thinking about a chapter 7 recently and have read as much as I could about what it means. This has been a stressful time for me and my family and would hate to do it but I think I have no other choice. The problem is I don't know if I qualify.

    But here is the details. I had a company with a partner that went out of business a few years ago. The partners all signed a personal guarantee on a 600,000 business loan. The other partner declared bankruptcy last year with me left holding the bag for the business loan. I own a house(mortgage)and car(loan) and am married w two kids. Because the majority of my debt is business related, I know I don't have to pass a means test. I live in Texas and my only savings left is about $25k in my 401k which is exempt. I have used all my savings the past few years keeping up w my family expenses with a job that did not pay much.

    I got lucky to find a job this year that pays me as much as it does $100k(before taxes) but think it is also impossible to pay my mortgage, car & family expenses and over $600,000 in business loans. Our combined income is now $200,000.The bank is suing me of course and will likely win judgement against me this year. This is the only loan that I am not current on. Can I file a chapter 7 to get rid of this business loan and let me restart my life w my family?

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