My question involves bankruptcy in the state of: Texas
Looking for any advice out there someone might have:
Our son has a severe behavioral health problem. It is treatable but it is the sort of thing that requires extreme specialization (took us years to even find anybody who understood the condition). At this point he has become dangerous to himself and others and we had to put him in a residential care facility several months ago that specializes in his condition (there are very few in the country; we had tried a lot of other things but your average behavioral health facility just does not have the expertise). As you may have guessed the costs of this place are outrageously expensive. So far we have not been able to get insurance to pay anything (still working on it but not counting on it). Our income is actually quite high (the only reason this was possible at all) but the costs of this facility are nearly the same as our take-home pay.
We have racked up a ton of debt to cover the costs but now are about at the limit of what we can borrow. We are at the point of tapping our retirement savings and unfortunately we are going to have to tap those hard. Our son still needs to be there several more months before there is any hope that he can be safe enough to come home. We finally thought that it was time to look at bankruptcy as a means to protect our retirement savings. Realistically, even if we wiped out all of our debts we would still have to tap the retirement accounts, just not as hard. We spoke with a couple of attorneys who have told us 1) our income is far too high for typical Chapter 7 filings in Texas, 2) no court is going to remotely accept the amount of money we are spending on our son as justified, and 3) even Chapter 13 would be unlikely to be helpful as the courts would still be unwilling to provide meaningful temporary relief for all of the same reasons.
We really are desperate to find a solution that doesn't ruin our future. We can in principle hit our retirement accounts but that is a hugely slippery slope. Aside from worry about our future retirement, there is the simple fact that there is no guarantee that even if this treatment helps our son that there could not be relapses or other issues in the future that might require additional spending. And there is the reality that, with the kind of money we are talking about, the risk of job loss is especially scary (i.e. the higher the income the harder it is to find a job with comparable pay). So we must retain some kind of nest egg; it is too dangerous not to.
Does anybody know of any angle on this that we are not aware of? We are going to have to make some tough choices very soon and the prospect scares us.