06 Feb Objections In Minnesota Bankruptcy
If you are a creditor and are thinking about objecting to a persons bankruptcy plan, you need to determine if it worth your time and money. In many cases you will not be able to recover much if anything from an objection. In some cases if you are a large unsecured creditor of a persons bankruptcy estate, it may be worth your time to talk to an attorney to determine how much you may be paid if you object. The type of objection you can raise is objecting to a debtors plan in a chapter 13 bankruptcy, or filing an adversary complaint in a chapter 7 bankruptcy.
Again the primary consideration is will you be able to recover the funds if you object? If the answer is no, then you are probably better off not objecting. If the answer is you think a person may be able to pay you in the next few years, then an objection may be worthwhile. It does not make sense to bring an objection if the person will never be able to pay off the claim if you win. That just means you spent time and money litigating an issue that will never pay you back. In my opinion having hard feelings over a person filing for bankruptcy on your debt is not a good enough reason to justify the cost and expense of bankruptcy litigation.
If you are in a bankruptcy and been sued by one of your creditors you need to speak with an attorney to determine how to handle that litigation. In litigation you generally have two options. The first option is to fight the lawsuit. The second option is to settle the lawsuit. What option you choose depends upon the facts of your case and your financial ability to fight or settle.