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Bankruptcy Lawyer

After I File for Bankruptcy, Can I Continue to Pay Some of My Debts?

After I File for Bankruptcy, Can I Continue to Pay Some of My Debts?Filing for bankruptcy can provide you with significant relief from crushing debts and grant you a clean financial slate. In fact, if you have been dealing with overwhelming debts, bankruptcy can be one of the most effective ways of dealing with them. Our Los Angeles bankruptcy lawyer can help you determine which form of bankruptcy may be best for your unique situation.

There are two primary types of personal bankruptcy: chapter 7 and chapter 13. Chapter 7 bankruptcy will eliminate dischargeable debts, including credit card debt, medical debt, and personal loans. In order to qualify for chapter 7, a debtor must pass the means test. Chapter 13 bankruptcy is for wage earners who can afford to repay some of their debts. A three- to five-year repayment plan will be established, and once it is completed, remaining debts may be eligible to be discharged. Bankruptcy exemptions are available for both chapters of bankruptcy.

Once your debts have been discharged, you will no longer be legally required to pay your debts, and your creditors will not be able to pursue collection activities on any debts that have been discharged. However, you are certainly allowed to repay your debts voluntarily if, thanks to your fresh financial start, you believe you are now better able to pay your debts.

Those who struggle with the decision of whether or not to file for bankruptcy due to social stigma or matters of conscience may find this fact a powerful motivator. Many people may delay their bankruptcy unnecessarily for fear of defaulting on their debts and letting creditors down. Knowing that they can file for bankruptcy and still repay their debts can help them move forward in their lives and finances.

While there is nothing preventing a debtor from repaying debts once the bankruptcy has concluded, it is important to note that repaying creditors during an ongoing bankruptcy case can create serious complications. Contact our bankruptcy attorney in California to learn more about your options for personal or business bankruptcy or to schedule your consultation.

Source: Hamid Soleimanian, Bankruptcy Attorney Los Angeles
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