Bankruptcy Attorney Archives
Can a Person Filing Bankruptcy Exclude Debts They Want to Pay?
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.
How Often Can I File Bankruptcy?
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.
Brooklyn Center Bankruptcy Attorney: How To Pay For Bankruptcy
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
The Problems That Occur When Filing Bankruptcy Without An Attorney
WHAT HAPPENS AFTER I FILE FOR BANKRUPTCY?
Filing bankruptcy can be a daunting and emotionally draining experience. Going it alone will only make the task even more monumental. It doesn’t have to be so bleak though. Sometimes in life we need a reboot, if you will. Many of great financiers, moguls, and millionaires alike have filed for bankruptcy. As well have average salary earners, college students, contract holders et al. The point is, at one time or another many of us have been “in over our heads”.
Once you file the petition there are a number of documents you must submit to the court and your Trustee within specific time frames. Failure to comply may cause your case to be dismissed. Unfortunately, if you file without an attorney, there is no one who will tell you what has to be filed and when. Which is why whenever dealing with anything above parking ticket a lawyer is your best course of action.
The Bankruptcy Court sends out a notice of your bankruptcy filing to all of the creditors listed in your schedules. This notice advises the creditors that you have filed for protection, which chapter you filed and advises them that an “automatic stay” is in effect, preventing creditors from pursuing any further efforts to collect the debt. This would include staying a foreclosure sale, wage garnishment, and even a civil court proceeding or trial. Criminal cases are not stayed, nor are child support hearings.
For more information regarding bankruptcy, chapters, filing bankruptcy, or simply answering any questions you may have, contact Minnesota Bankruptcy Attorney Gregory J. Wald at 952-921-5802 or at www.gregorywald.com for a consultation.
Bankruptcy Can Be A Way Of Obtaining College Transcripts That Are Withheld For Nonpayment Of Tuition Or Loans
Bankruptcy can be a way of obtaining college transcripts that are withheld for nonpayment of tuition or loans. The filing of a bankruptcy petition creates an “automatic stay” that prevents any effort by a creditor to collect on a debt. The great majority of courts that have ruled on the issue have held that the withholding of a college transcript on account of an unpaid debt constitutes an attempt to coerce payment of the debt and is therefore in violation of the bankruptcy stay. The Bankruptcy Court in Minnesota ruled this way in the matter ofre Lanford, 10 B.R. 132 (Bankr.D.Minn.1981) At least two U.S. Circuit Courts of Appeals have also ruled this way, In re Merchant, 958 F.2d 738 (6th Cir. 1992); In re Gustafson, 111 B.R. 282 (Bankr. 9th Cir. 1990), rev’d on other grounds 934 F.2d 216 (9th Cir. 1990). As a result, it is very likely that your former school will release your transcripts voluntarily after your file a bankruptcy petition. If the school refuses to release the transcripts and the court finds that the school has violated the bankruptcy stay, the school can be sued for actual and punitive damages, including attorney’s fee and costs.
Tuition debt in most cases is not discharged (eliminated) in bankruptcy, so ultimately you may still have to pay the tuition debt. However, if you have other debts problems that bankruptcy can resolve, the release of your college transcripts may be one more reason to consider filing for bankruptcy protection.
For more information regarding your specific situation, contact Minnesota Bankruptcy Attorney Gregory J. Wald at 952-921-5802 or at BankruptcyMinn.com for a consultation.