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Jeffrey D. Holst

Jeffrey Holst’s Answers

3 total

  • How can I access my retirement money before age 55

    Jeffrey’s Answer

    I am not aware of any particular provision that will do what you want. This is not my area of expertise but if you are employed which it appears you are you might want to consider a chapter 13 Bankruptcy which may depending on your circumstances allow you to save your home. Just a thought.

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  • What is the length of time after filing chapter 7 bankruptcy you have to wait until obtaining an asset?

    Jeffrey’s Answer

    The other answers are correct but incomplete. If you redeem the property you run the risk of the trustee later claiming your right of redemption. There is no actual limit to the time that the trustee can make this claim, however if your right of redemption was exempted and the trustee has abandoned the claim then the other answers are correct.

    On the other hand if you purchase an asset, say a different home, or if someone buys the home after the redemption period and then sells it to you, then there is no issue even if that took place the minute after the BK was filed.

    In summary any new assets you purchase are free of any possible claim from the trustee who only has claim to assets of the Bankruptcy estate. Technically even the mentioned inheritance issue is only true because the law specifically provides that it becomes part of the BK estate. Hope that helps. Generally though I would exercise extreme caution before redeeming the property and would recommend you get in touch with your BK attorney.

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  • What can I do about my wages being garnished for an outstanding medical bill?

    Jeffrey’s Answer

    You have a number of options but the answer depends on your overall financial picture. You can of course consider Bankruptcy if the rest of your financial life warrants that type of action. But there are a number of other possible solutions. You could try contacting the creditor and working out a payment plan, you could file a motion with the court for installment payments, or you could even try to work out a settlement with the creditor in full for less than the total amount owed. The best choice would depend on what the rest of your financial situation is like.

    I recommend contacting a lawyer in your area right way that knows about Bankruptcy and is able explain your other options to you.

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