Bankruptcy Attorney Archives
When you run into financial problems and bills begin to mount, it can sometimes be hard keeping track of companies you owe money to. You might receive calls from multiple collection companies and they often do not identify who they are collecting for. In order to eliminate your debts in bankruptcy it is important to list all of your creditors.
What can you do? You can start by pulling credit reports. There are three nationwide credit reporting bureaus and you can pull free credit reports from all three credit bureaus at www.annualcreditreport.com. Credit reports will typically show credit card debts, bank loans, and other types of debts with financial institutions. The credit report may show collection agencies that have purchased delinquent debts or are collecting them on behalf of another company. Credit reports typically do not show medical debts unless they are with a collection agency.
If you come to see me, I can pull a three bureau merged report for you. If you are not sure what medical debts you have, you may want to call the hospital or other medical provider and ask them for the amounts owed. If you have medical insurance you could contact your insurance company. It may be able to give you a list of what amounts were covered by insurance and what amounts you still are responsible for. When you have this information, you have the ammunition you need to eliminate your debts and get a fresh start.
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.
When a person has filed bankruptcy in the past, they may want to know how long they must wait to file bankruptcy again. If a person has filed a Chapter 7 bankruptcy petition and received a discharge of their debts, they must wait 8 years before they can file another Chapter 7 petition. However, the waiting period to receive a discharge in a Chapter 13 case after a previous Chapter 7 case is only 4 years. Sometimes unfortunate circumstances create a need for a second bankruptcy in less than 4 years after the filing of a Chapter 7 case. You can file a Chapter 13 case less than 4 years after filing a Chapter 7 case and receive court protection from your creditors, but you won’t receive a discharge of your debts. It sometimes makes sense to file such a case to prevent foreclosure of a residence or to receive court protection from creditors.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy allows a person to eliminate most types of debts completely, while allowing a person to keep all assets that are exempt from creditors. The court filing fee and attorney’s fee for Chapter 7 bankruptcy must be paid in advance. If a person wants Chapter 7 bankruptcy and is not in a big hurry to file, in many cases it makes sense for them to stop making payments on their debts and use the savings to make monthly payments toward the attorney’s fee. Our Brooklyn Center bankruptcy attorney accepts monthly payments and file the case when all of the fees are paid. Sometimes a family member gives clients a gift or a loan of the funds. Sometimes clients have enough in savings to cover the fee or they are able to borrow the funds from their 401k plan.
Chapter 13 Bankruptcy
Contact Our Brooklyn Center Bankruptcy Attorney
Attorney fees and filing fees vary according to each case type. In order to discuss your best options, schedule an appointment with our Brooklyn Center bankruptcy attorney.
5637 Brooklyn Boulevard, Suite 200
Brooklyn Center, MN 55429