Bankruptcy Q&A

my husband and i lost our job by way of downsizing over 2 years ago, we moved to a small town where we do not make any where near the amount of money that we use to and had to live off our credit cards for a while, i wrote them a letter back in december letting them know that we would not be able to make payments as we had before and to communicate by mail only,we are 5 payments behind on all of them,at this point we cannot catch up, we will probably have to file chapter 7,we have recieved a letter that says " right to cure default notice required before legal action of collection is to commence" i now want to write them another letter to tell them that things have not changed,my question is, should i mention in the letter that we want to file bankruptcy,we have no children but we are paying on a house that we want to keep and a car that i use for work,we make payments on it as well, my husband owns an old 1994 truck that he uses for work, we don't want to lose our home or vehicles, we live in Texas, any replies will be appreciated

peace and love
lilu

I did a bankruptcy last yr and we were able to keep our car a 96 van, as long as it's not worth over a certain amount you can keep it and not have to owe anything.
For the hosue we were able to keep ours and do a reaffirmation.
Now for your car, you should be able to keep it as long as your still paying and continue no matter what.

I WOULD NOT TELL THE CREDITORS, that you are playing on doing a bankruptcy, I told mine and OMG did they harass us!!!! It was horrible, after the paper work was filled the calls and letters stopped but it was still hard to go through.

ALso my inlaws who live in Tx.!! Filled about 2yrs ago....THey lost NOTHING. Not even there BIG screen tv. They kept their home and financed car...ALso their older vehicle b/c it wasn't worth more that about $3-4000.

I'm not sure what laws have changed since I filled. But hopefully you will be able to get rid of your debt and start over!!!

Best Wishes,
Nancy