Should I try for a Chapter 7?

[fortunate]

I am just looking for opinions, as I am on the fence about seeing a lawyer.

First of all, these forums are great! So much information here! I have been reading for a few days now, and I have learned alot.

Here is my situation:

I have about 37k in Credit card debt (and growing due to interest) over 5 different cards. Right now, 3 of my cards are in a payment plan ( a very slow payment plan) and as "positive" as I can get them. At least they don't call me anymore. The 2 largest credit cards are heading to collection, and there is no way I can keep the collectors happy. I expect to be sued very soon.

I contacted a non-profit credit counseling agency, and they turned me down. I just don't have enough disposable income to set up any payment plan.

I live in Texas, and my wife has no credit issues. I certainly do not want to ruin her credit. I have a child on the way as well. I am almost positive my income and assets meet the requirements for a Chapter 7. It just seems like recovering from my debt is impossible.

Should I see an attorney? Will a BK effect my wife? Does anyone know a good lawyer in Austin, TX?

Thank you for any advice.

[maryv]

If I were you I'd file BK, talk to a BK attorney and ask him/her these questions as they would know. Just remember after you file BK stays on your credit report for 10 years.

[LadynRed]

I contacted a non-profit credit counseling agency, and they turned me down. I just don't have enough disposable income to set up any payment plan.

That right there says "Get thee to a bankruptcy attorney !! "

Seriously, if you don't have enough disposable income for those people, you probably qualify for Ch 7 - but see a lawyer.

TX is a community property state - so if you and your wife have joint debts, your BK may indeed affect her.

If she is working, her income AND yours must go into the calcs for the means test - HOUSEHOLD income is used.

For an attorney you might want to check out www.nacba.org