Can I File Bankruptcy Only On Certain Debts?

People considering bankruptcy are always asking me if they can leave some of their debts off the bankruptcy, or telling me they don’t want to include this creditor or that creditor. My response is always no, do not leave anyone out. The law requires that you list everyone you owe. This does not mean you will lose your house or car. Your bankruptcy must include every debt and everyone that you owe. You can not just list certain creditors. Generally you are still able to keep any creditors that you can afford to continue to pay. The choice is yours.

Everyone seems to want to keep one or two credit cards. This is always a mistake. The credit card creditors will always cancel the credit card as soon as they discover that you filed bankruptcy, even if you intended to continue paying them. If you do not list all your debts you may have problems with the bankruptcy. The problem with leaving out a debt like a credit card is that you may still owe it after the bankruptcy and you won’t be able to use the card. Now you have filed bankruptcy without getting all of the relief you deserve.

By Frank Coxwell.

Disclaimer: This blog is intended as general information purposes only, and is not a substitute for legal advice. Anyone with a legal problem should consult a lawyer immediately.

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