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St Louis Bankruptcy: Will Any Of My Creditors Try And Prevent Me From Filing A Bankruptcy?

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There isn’t a whole lot that any creditor can do or say to prevent you from filing a St Louis bankruptcy. Many of them will for sure give you inaccurate information (and/or flat out lies). They will tell you that their particular debt cannot be discharged, or that they will continue to collect on the debt regardless of whether you file. All of these things are incorrect. But of course that won’t stop the creditors from telling you things that are untrue.

There are basically two kinds of debt: secured and unsecured. A secured debt is a debt that has some sort of collateral attached to it. A good example would be a mortgage on a house, or note on a car. If you were to stop paying on the loan, the creditor (the mortgage lender or car note holder) would take action to take back the asset itself (such as a foreclosure or a repossession).

An unsecured debt is a debt in which there is no attached collateral backing the debt up. This would include credit cards, medical bills, payday loans, etc. These types of debts can be collected upon, but the only remedy that the creditor has for non-payment is to sue you for breach of contract. And if the creditor gets a judgement against you, then it can do things like garnish your wages, levy your bank account, and attach a lien to your property.

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But the bottom line is this: a creditor cannot prevent you from filing a bankruptcy. You have an absolute right to file such a thing. And the creditors will have no choice but to accept it. In a St Louis Chapter 7, all unsecured debt is discharged (i.e. completely knocked out). In a St Louis Chapter 13, it is set up as a repayment plan (over the course of three (3) to five (5) years) in which certain debts are paid back (which may include some of your unsecured debt).

There is really only one way an unsecured creditor can demand that the debt you owe be deemed non-dischargeable. This would a situation in which you charged up a bunch of really big transactions on a credit card (like on one single transaction, you charged up $3,000 worth of goods to your card), and then a couple weeks later you file for bankruptcy. In that kind of situation, the creditor would argue that you had not made a good-faith effort to pay the debt back (and that this particular debt should not be discharged). But other than that, all debts are taken care of!!

The affordable St. Louis bankruptcy attorneys at Brinkman & Alter, LLC have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.