Credit card debt, in Texas

[STX]

I've been divorced for over three years, The credit card debt I inherited was from my ex-wife (but cards in my name). Im self-employed, I pay 800.00 in child support + insurance. Live on my own. I tried paying the smaller debt (but this has taken its toll on me) I budget everything. Since October Of 08, I stopped paying. Im just fed up (mentally worn out). My attorney told me if I dont have anything more than 60,000 in assets, they wont come after me, even more because i have nothing. I know in texas the statue of limitations is 4 years, and no wage garnishments (unless IRS or FEDS). What do I do. I was'nt the one cheating on my marriage, I LOVE MY KIDS!!!, had to start all over again WITH NOTHING, payments, payments & payments!!!!!!! NOW phone calls my cell never stops ringing untill 8:58pm then starts 7:40am.....
Will this ever stop.. Will i ever be able to rebuild some type of credit. Will i ever have some type of life again. What are my options. Im just worn out and tired of tuna...............................

[2Bshinyandnew]

I've been divorced for over three years, The credit card debt I inherited was from my ex-wife (but cards in my name). Im self-employed, I pay 800.00 in child support + insurance. Live on my own. I tried paying the smaller debt (but this has taken its toll on me) I budget everything. Since October Of 08, I stopped paying. Im just fed up (mentally worn out). My attorney told me if I dont have anything more than 60,000 in assets, they wont come after me, even more because i have nothing. I know in texas the statue of limitations is 4 years, and no wage garnishments (unless IRS or FEDS). What do I do. I was'nt the one cheating on my marriage, I LOVE MY KIDS!!!, had to start all over again WITH NOTHING, payments, payments & payments!!!!!!! NOW phone calls my cell never stops ringing untill 8:58pm then starts 7:40am.....
Will this ever stop.. Will i ever be able to rebuild some type of credit. Will i ever have some type of life again. What are my options. Im just worn out and tired of tuna...............................

How much do you owe in loans/credit cards, etc? What are your assets?

My ex husband filed a CH7 BK in November 2008 and discharged all his unsecured marital credit and non marital card debt. He discharged over $70K in unsecured debt. He kept all his personal property, including his car (an old Honda with 115K miles, but it was worth a couple of thousand) His phone stopped ringing. I think the exemptions in Texas are probably more generous than Florida.

He is already getting pre-approved credit cards, and his credit score has gone up 100 points since filing.

Consult a BK attorney, and then 1 or 2 more. The consults are usually free. Ask your divorce attorney for a referral. You will be able to build credit again. Situations such as yours are why bankruptcy exists.

[catleg]

If you have no major assets to protect then definitely worth looking into a chapter 7. If you post a little more about your assets, liabilities, income and expenses it will help.

[STX]

Thank you for the reply guys.... my credit cards total 20k.. my assets a 2005 small toyota truck. Since the divorce I was left with just the clothes on my back and my personel belongings..(she wiped out my savings and removed me from our personel account and tried to transfer money from buisness account) I have a small buisness, I was bringing in 75k before the divorce, After was still ok. Until 07-08 year just started to lose customers.. Now im surviving on almost 34k. Which is why i budget everything. Im left with 500 for the month after bills, then fueling the truck & groceries (ughh..) Which is why I just cant pay them. Then if I dont pay child support attorney general comes after me. Then we where audited by the IRS 04,05,06 year. Wooooh!!! (lucky me) My end was good, but hers. The lady that did our taxes tried to help her out. I never payed attention, just signed. 10,000k payed back to the IRS. We were divorced, but because we were married at the time and I signed (uhhhh!!! they stuck it to me) That was payed off last year. This is why i just dont want to deal with it. (its not my debt) I have a lowes card I have a 100 dollar balance, going to pay off that. But the rest i just dont care. I even showed the judge the signature on the reciets, he didnt even care (your debt).. Do I just change my number. I dont care if it stays on my record forever. i dont want to see a credit card. But Im just scared their going to come after my buisness if they find out. this is the only way im making it..

[FU2MI]

Stop paying on them...no reason to keep throwing your money away. Texas has some of the most friendly debtor laws in the Country. Use them to your advantage. You truck is exempt, as well as most of your posessions. You can declare a chp 7 and start from scratch.

Good luck!

[Sinking]

BK7 Renegotiating your auto loan POSSIBLE?

03-26-09
I am behind on all other bills, except mortgage, as of January 2009.
I am hoping to avoid BK7 but I am sinking faster and faster.
If I file BK7 while my car is one, two, or more payments behind,
I am wondering if renegotiating my balance with my car loan lender is
a crazy idea. Owe $18K on my car. It is worth about $13K,
maybe a little less or a little more.
Have a 3 year deal @ 0% with an $800+ payment.
27 days late. First time. 22 payments left.
Even with 0% APR and $800 a month I am upside down.
I can not refinance and I can not finance another car
(tried both and before it was as bad as it is now).

A:
They see I am in BK7, months behind with them,
and if they take the car back, they will be lucky
to auction it at $9K while I owe $18K on it.
Retail value of car is about $13K.

B:
They forgive me on the difference between
the retail value of $13K vs the $18K I owe on it.
They lose (less) than $5K vs $9K (or more!).
I reaffirm the debt.

Your thoughts and EXPERIENCES please.

Copyright @ 2009 Sinking

[STX]

Thanxs, I will be looking into that. The only thing is that i have 1 year left on the auto loan. If i file ch7, will that mess with my auto loan. Thanx again guys..


Auto loan guy.. in texas their is a 14 day grace period, from payment due date.. Also when things got bad for me I called the auto loan company and explained my situation. They moved a payment back. (charged me a 100.00) and they told me If I had any problems in the furure to call again and they could help me again.. I dont know what its called, but it helped me.