Hi All

[bsr2002]

Chapter 13 paper work will begin on Tues. I have read the above stickies.

Is there anything else I need to know going in?

I am a part time musician, would my musical instruments be put on the list for my assets?

[LadyInTheRed]

Welcome to BKforum!

You have to list all of your assets, including your musical instruments. That doesn't mean you have to list each item you own. Many items can be grouped. If your state exemptions include a tools of trade exemption, you may be able to exempt the instruments. Your attorney will help you list your assets and determine how to apply exemptons. You can read about Texas exemptions at http://www.legalconsumer.com/bankrup...-law.php?ST=TX As you will see, you will have a choice of using Texas or Federal Exemptions.

Earlier this week you posted in the Chapter 7 forum and said you were going to meet with an attorney who doesn't list bankruptcy as a speciality. I assume he recommended a 13 instead of 7. What reasons did he give for recommending a Chap 13?

The best advice I can give you at this point is to consult with a couple of attorneys who specialize in bankruptcy. Many people find this board after they have hired an attorney and are having problems. It is surprising the incompetence we hear about. It is important to hire an experienced BK attorney who will work to get you the best plan possible.

From your other thread, you have the following debt:

60000 Mortgage
17000 Credit Card
2500 Property Tax
700 For a Payday Loan (Big Mistake)

You are delinquent on your mortgage because your insurance was cancelled and BoA got insurance and started charging you $200 a month that you haven't been paying. What is the total arrears you owe them? Is the arrears the reason the attorney recommended a 13?

What is your house worth? What is your car worth? What is your gross annual income based on your earnings in the last 6 months? What is your living situation? Are you singled or married? How many are in your household?

Answers to these questions well help forum members understand your situation and make suggestions. Also, continue to read here and ask specific questions as they come up.

[AngelinaCat]

I don't know about Texas exemptions, but you may be able to list them as 'Tools of the Trade'.

ETA: I just checked Texas Exemptions. You can list them as 'Tools of the Trade'.

Tools of Trade

Prop. 42.002 - Tools, books, and equipment, including motor vehicles and boats used in trade or profession; and farming or ranching vehicles and implements. Tools of trade exemptions are included in the "SPECIAL LIMIT" listed under Personal property.

Be sure to discuss everything with your attorney.

[TheBajan]

I want to just reinforce the importance of talking with several attorneys as Lady suggested. It won't cost you anything but a little time and it will be well spent.
Best regards,
The Bajan

[bsr2002]

I had been going thru attorneys before I joined the forum. the reason I asked about that was because I would be paying for 2 attorneys, I guess I was just trying to figure out away where I could just use one for both cases. Anywho, I got one that specializes in Bankruptcy.


1. You are delinquent on your mortgage because your insurance was cancelled and BoA got insurance and started charging you $200 a month that you haven't been paying. What is the total arrears you owe them? Is the arrears the reason the attorney recommended a 13?

Yes, I just got a return check back from BOA stating they would not accept partial payment. My attorney said first thing to do would be to use that check and get the house insured, the insurance company will let them know and they will stop the extra payment. I did that yesterday.

2. What is your house worth? According to appraisal district $104,000

3. What is your car worth? I have a 98 Lumina and a 97 Aerostar Van, both worth about $1200

4. What is your gross annual income based on your earnings in the last 6 months? $1600/month

5. What is your living situation? Paychweck to paycheck

6. Are you singled or married? Single

7. How many are in your household? 2 my younger Brother