Texas Creditors Rights Legal Questions

if they win the lawsuit, they will obtain a judgment against you and can collect on it through various means, including auctioning off your non-exempt assets.  I do not know what assets are exempt in Texas, but if the land you own is your primary residence, it is probably exempt.  Also, some states (again, i don't know if this is true in Texas) exempt cars, at least to some extent.... Read More

Good afternoon Im sorry to hear about your current situation.  If you are currently unemployed (with pension and SS income) and have outstanding unsecured debts (ie credit cards, medical, personal loans, etc.) it may be a good and prudent idea to file for a chp 7 bankruptcy.  Although you can try to fight it in state/civil court, keep in mind the rules of contract is more or less black and white, meaning either you owe the money or you don't. Sometimes you can fight the credit card lawsuit for procedural or technical matters such as defect in documetns submitted or lack thereof, old debt, etc.. but the question that will be asked will be do you owe the debt. If you do, then regardless if it was a default or you went through the whole process up to trial, the result will be the same, which is that you will have a judgment rendered against you. With a Chp 7 bankruptcy, it will elimiante all your unsecured debts (minus very few exception like student loans) within 3-4 months. The idea of a Chp 7 is that you are showing the federal bankruptcy judge that based on your current financial situation there is no way that you can pay your debts back anytime soon. Alot of people will make you feel guilty about filing a bankruptcy, but at the end of the day pride isn't going to feed your family. Bankruptcy will give you that fresh start so that you can either start rebuilding your credit effectively or so that you get the load off your shouders and go forward with your life.  You may want to look into your options, including a bankruptcy before you technically start a new job because once you do get a new job, you may not qualify for a chp 7 bankruptcy due to your income. If you reside in Houston, TX and the surrouding area, feel free to contact me for any questions or clarification you may need Min Gyu Kim (Peter) Attorney at Law Law Firm of Min Gyu Kim PLLC   Tel: (713) 259-3929 email: minkim@kimlylaw.com... Read More