Filing Bankruptcy Exclude Debts: I am often asked Can a Person Filing Bankruptcy Exclude Debts They Want to Pay?. When you file a bankruptcy petition, you must give the court a complete list of your debts. You are not allowed to leave anything off. However, it is possible to repay debts that you have listed in your bankruptcy. You might not be required to repay the debt, but you still can pay it voluntarily if you wish. For instance, if you have a car loan or home mortgage, you can continue to pay these debts in order to keep your home or car. If you have a debt to a relative, you can repay them what ever is left owing to them after you complete your bankruptcy case. Occasionally, a creditor might request that you sign a “reaffirmation agreement”. A reaffirmation agreement is an agreement that you will not discharge (eliminate) a debt in your bankruptcy case and that you will be legally bound to pay it. Your attorney can help you decide if a reaffirmation agreement is a good idea.
If you need to file bankruptcy, save yourself a lot of misery and do it before matters reach this point. When you file a bankruptcy petition, you are protected by the automatic bankruptcy stay against collection efforts and you don’t need to worry about being held in contempt of court.
For more information regarding your specific situation, contact Minnesota Bankruptcy Attorney Gregory J. Wald at 952-921-5802 or at www.BankruptcyMinn.comfor a consultation.