New here and I am confused...
Hello all, I am new here and I have been lurking for some time just to educate myself with all of the options available to me and my DH. We are in Texas. Long story short....
My DH and I are considering filing BK, we have spoken to an atty just this week and he confirmed we actually qualify for CH 7. I was shocked and condused. We had previously 1 yr ago signed up with a DMP, big mistake. We fall WELL below the median for our size of family and are looking to aleviate about $35,000 in CC debt due to living off of the cards(groceries, etc.) and unforseen medical issues (we do not have ins.)
We are buying a home for a very low amount monthly and plan on reaffirming that debt and continue paying, (we've made sure to never be late on that bill). Atty said we without a doubt could keep paying on our home and we would not have it taken in the CH 7. From what I have read I assume this is correct.
Here is my confusion. Personal property. Everything we own in/around our house. Atty said not to worry about that either. Total if I had to think quickly I would say everything is worth maybe $10,000-$15,000 including cars, and that's a big maybe. I am confused on the Texas/Federal exemptions on personal property, total value-wise. I guess I am scared the trustee or someone will just say "oh wait you have more than allowed" and start taking things from us. The TX exemption if I read it correctly seems to say any personal property up to $60,000? I know I must be reading that wrong. The Federal Exemption on Personal Property I do not understand at all. Can anyone clarify any of this in laymen's terms?
Sorry my first post is so long, I think I have read way too much info in the past week and have done a 180 to confuse myself lol. I would like to say thank you to those that have been posting, your advice and info given has been extremely helpful to those of us just beginning.
My DH and I are considering filing BK, we have spoken to an atty just this week and he confirmed we actually qualify for CH 7. I was shocked and condused. We had previously 1 yr ago signed up with a DMP, big mistake. We fall WELL below the median for our size of family and are looking to aleviate about $35,000 in CC debt due to living off of the cards(groceries, etc.) and unforseen medical issues (we do not have ins.)
We are buying a home for a very low amount monthly and plan on reaffirming that debt and continue paying, (we've made sure to never be late on that bill). Atty said we without a doubt could keep paying on our home and we would not have it taken in the CH 7. From what I have read I assume this is correct.
Here is my confusion. Personal property. Everything we own in/around our house. Atty said not to worry about that either. Total if I had to think quickly I would say everything is worth maybe $10,000-$15,000 including cars, and that's a big maybe. I am confused on the Texas/Federal exemptions on personal property, total value-wise. I guess I am scared the trustee or someone will just say "oh wait you have more than allowed" and start taking things from us. The TX exemption if I read it correctly seems to say any personal property up to $60,000? I know I must be reading that wrong. The Federal Exemption on Personal Property I do not understand at all. Can anyone clarify any of this in laymen's terms?
Sorry my first post is so long, I think I have read way too much info in the past week and have done a 180 to confuse myself lol. I would like to say thank you to those that have been posting, your advice and info given has been extremely helpful to those of us just beginning.
Comment