Chapter 7 questions




I have been unemployed for a while, but that may change within a couple
weeks. This morning, as I was leaving to what turned out to be a great job
interview, I was served a lawsuit Citation (State of Texas). On the advise
of a bankruptcy attorney a couple years ago, I simply ignored my creditors,
rather than file bankruptcy at the time. She said there was some chance
that one or more of them might file suit later, but also a chance that with
all the bankruptcies going on that they'd just write mine off.

Well, one of those creditors, Discover Card, sold the uncollectible debt,
and now that entity (or perhaps yet another - who knows, it may have been
resold) has filed suit. They are in Georgia (FYI, Credigy Receivables
Inc.). I called them and asked to speak to the attorney whose signature
was on the suit, but the collection agent "screener", after having gotten me
to admit that I had no intention of paying (because there's nothing I CAN
pay), and that I have no property anyway, said, "see you in court."

After which, doing Chapter 7 becomes imperative.

I have a couple questions...

1) My wife is in the process of earning her real estate license. As she
will necessarily be dragged into this, her good credit will unfortunately go
down with mine. Will her ability to broker real estate or get her license
in any way be affected by our declaring Chapter 7?

2) My wife and I share a business that is not incorporated, a sole
proprietorship tied to a DBA. We have a DBA account in the credit union
where our checking and savings accounts are. What, if anything, will happen
to this business? It currently isn't much to speak of, but many things are
in the works. (It is an import business.) Can there be any affect to our
abiltiy to execute vendor agreements (as vendors)? Clear customs? Will
incorporation solve any problems that may occur?

3) Currently I can truthfully say to any prospective employer that I have
never declared bankruptcy, should they ask. How can I best time this so
that, assuming I get a job offer next week, the answer to that question will
continue to truthfully be "no"?




Brett Weiss

The answers to your first two questions depend in great measure on which
state you live in. If Texas, which is, AIR a community property state, your
wife should probably file for bankruptcy as well. I recommend speaking with
a local bankruptcy attorney.

WRT #3, until you file, you have not filed <g>, and can truthfully state
that you have not.


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The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.

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