Roby, TX Bankruptcy Law Firms & Lawyers

You may file a chapter 7 eight years after filing the last chapter 7. You may file a chapter 13 either 4 or 6 years depending on the circumstances. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.

There is a statute of limitations of 4 years. This is a defense that you can raise in the hearing. If you lose the case you can still file bankruptcy and include the judgment. If you cannot afford an attorney there are clinics in some areas to help. You can file your own bankruptcy, however, have an attorney review the papers before filing them.

First, for you and anyone who reads these questions and answers, you must list all of your assets and all of your debts. Period, no exceptions. You may not pick and choose. With that being said, a Chapter 7 Trustee will be appointed in the case and will determine the value of the car, subtract the various claimed exemptions you choose and whether they are legally sufficient, subtract the amount owed on the vehicle and see if there is equity which needs to be liquidated for the benefit of the creditors in the case. So if the vehicle is worth $19,000 and only you are no the title, then the most you could claim as exempt is $6,000, but that number will certainly be less. Subtract the exempt amount from $19k and subtract the amount owed from the amount after subtracting the exemptions and you have the equity. The larger the equity, the more you have to pay the Trustee. The exemption amount will vary on other factors in your case and I cannot determine that without much more information.