Bankruptcy FAQs: Can someone refuse giving me credit?

Frequently Asked Questions about Bankruptcy

I help people file for bankruptcy throughout southern Illinois to help eliminate their crushing debt and protect their assets.  For almost 25 years and in over five thousand bankruptcy filings, I answer many questions people have about the process. I thought I would share some of the more common questions here.

“I paid off my loan and now they will not give me anymore credit, can they do that?”

You listed all of your debt in your bankruptcy filing. Some of those bills you wanted to keep paying, which is fine.

You wanted to stay in good standing with that loan company downtown and at first you did not want to even list it on your schedules, but you can’t leave off debt – you can’t tell the court you do NOT owe a debt when you do.

Remember that bankruptcy stops the creditors from collecting on the debt. It does NOT stop you from paying on the debt. You can keep paying the doctor or the loan company (as long as it is a small and reasonable amount).

Once that debt is paid off, though, whether the loan companies will still extend you credit is up to them. No one can force them to keep you as a customer. You may face this situation:

“OK, I’ve paid off my loan. May I have another advance>”

“No.”

“But I paid you off!”

“Yes, and thank you, but we aren’t going to give you any more credit.”

Loyalty should be a two-way street, but that is not always the case. If the local loan company doesn’t want you as a customer anymore, then don’t give them your business. And tell your friends not to, either. Seriously. Don’t make loyalty a one-way street.

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About the author:

Michael Curry of Curry Law Office in Mount Vernon, Illinois (http://michaelcurrylawoffice.com/) has helped thousands of individuals, family and small businesses in southern Illinois find protection under the Bankruptcy Code for almost twenty-five years. He is also available to help individuals and families with their estate planning (probate, wills, power-of-attorney) and real estate and other sales transactions.

He is also the author of books on finance and bankruptcy available on Kindle through Amazon!

Whether you live in Salem, Centralia or anywhere in Southern Illinois call Curry Law Office today at (618) 246-0993 and Finally Be Financially Free!

You can also access my website at http://www.mtvernonbankruptcylawyer.com

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Bankruptcy FAQs: Can I File a Medical Bankruptcy?

Frequently Asked Questions about Bankruptcy

I help people file for bankruptcy throughout southern Illinois to help eliminate their crushing debt and protect their assets.  For almost 25 years and in over five thousand bankruptcy filings, I answer many questions people have about the process. I thought I would share some of the more common questions here.

“Can I File a Medical Bankruptcy?”

This question and its variations boil down to “Can I just file on my medical bills?” Unfortunately, the answer is “No”.

You have to list all of your debt when you file bankruptcy – not just your medical bills but credit cards, the loan companies you owe, taxes, child support, student loans even the car loans and the home loans you WANT to keep.

Bankruptcy stops the creditors from collecting on the debt. It does NOT stop you from paying on the debt. You can keep paying the doctor or the loan company (as long as it is a small and reasonable amount).

A bankruptcy attorney can explain your options on how to stay in good standing with those debts you want to keep.

But there is no Medical Bankruptcy. You still have to list and tell the court all of the debts you owe.

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About the author:

Michael Curry of Curry Law Office in Mount Vernon, Illinois (http://michaelcurrylawoffice.com/) has helped thousands of individuals, family and small businesses in southern Illinois find protection under the Bankruptcy Code for almost twenty-five years. He is also available to help individuals and families with their estate planning (probate, wills, power-of-attorney) and real estate and other sales transactions.

He is also the author of books on finance and bankruptcy available on Kindle through Amazon!

Whether you live in Salem, Centralia or anywhere in Southern Illinois call Curry Law Office today at (618) 246-0993 and Finally Be Financially Free!

You can also access my website at http://www.mtvernonbankruptcylawyer.com