A reaffirmation is an official way to “reobligate” yourself on the loan. This involves the lender sending us a reaffirmation contract to be signed by you.
If Unexpected Medical Bills Have Left You in Debt, Filing for Bankruptcy in MN May Be Your Best Option
After falling into debt due to a number of medical bills, Richard and his wife filed for bankruptcy in 2008 – a decision that he acknowledged felt like a last resort at the time. Just like many people, Richard had common misconceptions about bankruptcy.
No matter how well off an individual is financially, an unexpected medical diagnosis can cause hospital bills to add up quickly. This is precisely what happened to a Florida resident named Richard, according to a piece he wrote for USA Bankruptcy Guide, an online resource for individuals considering a filing.
After falling into debt due to a number of medical bills, Richard and his wife filed for bankruptcy in 2008 – a decision that he acknowledged felt like a last resort at the time. Just like many people, Richard had common misconceptions about bankruptcy. For example, he thought that it meant he would lose all the assets he owned – including his house and vehicle.
He soon found out that his assumptions about bankruptcy were wrong, and realized that it was much easier than he had ever anticipated. With the help of a bankruptcy attorney, Richard and his wife arranged to make payments toward their home and car so that they were able to keep both of these important belongings.
“The main thing we learned from the whole bankruptcy process is that we waited too long,” wrote Richard. “Once it became apparent that bankruptcy was our best alternative, we should have just gone ahead and done it instead of agonizing about it for many months.”
Don't wait to begin your road to financial recovery. Contact Atlas Law Firm, a Twin Cities bankruptcy law firm, today. Our experts can advise you on the steps to take to secure a filing and help you through this process.
Chapter 13 is essentially a payment plan that you organize through the court system. Think of it as a consolidation loan with teeth.
There are 2 things you must do after your case is filed: (1) attend the meeting of creditors (aka the 341 hearing); and (2) complete a debtor’s education course via phone within 75 days from the date your case was filed. The 341 hearing is sometimes referred to as the meeting of creditors because your creditors can attend the meeting and ask you questions about the information contained in your petition.