Re: Which way to Go
I am not a lawyer and you should not take legal advice over the internet anyway. So, take my advice with all that in mind.
Personally, I think bankruptcy is a lousy way to solve your problem. Bankruptcy should be the absolute last choice.
My understanding of Texas law is that Texas is very debtor friendly in bankruptcy. That does not mean that you can keep your IRA, 401K, car, home or tennis shoes. Only a Texas bankruptcy lawyer can tell you exactly what you can and can't keep. I suggest you spend $150 for a hour of someone's time to know for sure. This is way too important to not have the right answer.
Personally, I think you would be better off trying to dig yourself our of the debt hole you are in. I agree that CCCS does not work for most people.
Consider negotiating discounted settlements and just paying off the credit cards. It will slam your credit to some degree but not nearly as badly as bankruptcy. You can try to negotiate settlements yourself or you can hire a professional to do it for you. If you hire someone, don't pay anything up front. There are good debt settlement companies who will work on a contingency fee.
Send me an email if you want more dialog.
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