You may have questions about how debt is handled in bankruptcy. These are the types of questions that bankruptcy lawyers answer when building your case. In this video, St. Cloud, MN bankruptcy lawyer Margaret Henehan of Kain + Henehan provides answers questions concerning debts when filing bankruptcy.
When you file bankruptcy, the idea is that all your creditors are going to be treated fairly. They’re going to be treated the same. You can’t decide to keep one credit card out and continue making payments on it. That’s not fair to the rest of your creditors. They have to be included, too. Really common one is trying to keep the Kohl’s credit card out of the bankruptcy. Everyone wants to keep their Kohl’s credit card and you can’t. You’ve got to throw it in the bankruptcy like everybody else. If you need a credit card at some point in the future post-bankruptcy, I always tell clients you’re eligible for credit again if you want to get a small credit card or a secured credit card post-bankruptcy, but when you file, everyone is treated the same. Everyone goes in the bankruptcy.
Kain + Henehan is a bankruptcy law firm with attorneys serving clients across all of Minnesota with personal bankruptcy. Call 612-438-8006 or use our online form to learn more about bankruptcy, and how we can help you get your head back above water.