can you file bankruptcy on only some items?
Can you file bankruptcy on only some debt items but not on credit cards that you still want to be able to use?
well, Im not filing for bankruptcy, but a friend of mine is and they think that they can just go ahead and keep credit cards that they want and file bankruptcy on the others!!!! I think thats SO wrong!
No, you must list everything. You can reaffirm debts, such as car loan and house. You could do that with credit cards, but the judge will want to know why you can pay them back but not the others – so there could be problems…
The credit card companies would most likely cancel your accounts anyway.
March 11th, 2010 at 2:42 pmYeah
March 11th, 2010 at 2:42 pmYes
March 11th, 2010 at 2:42 pmif it was bought with credit then it must be listed, but you can re-afirm wich will keep it in your posession. as long as the creditor agrees to. i’e houses, cars exetra. the things you don’t have to list are credit lines or cards that don’t have ballences.
March 11th, 2010 at 2:42 pmThe following is a simplified answer and given only for general information, not legal advice; please see a bankruptcy attorney in your area for a more comprehensive advice as bankruptcy law incorporates some local state law. In a bankruptcy, you must list every creditor. In a Chapter 7 bankruptcy, you can reaffirm (keep) some debts by reaffirming the debt with the creditor by giving up your bankruptcy protection on that debt if the creditor is willing. However, this must be approved by either the bankruptcy judge or your attorney stating it is in your best interest to reaffirm. As a bankruptcy attorney, I will almost never sign off on an unsecured debt reaffirmation such as on a credit card because I could be held liable under certain circumstances if you had problems paying the debt. It is my understanding that In some jurisdictions, if you simply keep paying the debt in accordance with your credit card agreement after the bankruptcy you may be okay. In a Chapter 13 payment plan bankruptcy, you may be able to pick and choose what and whom you pay to a limited extent but probably not credit cards. Again, you need to consult a local bankruptcy attorney.
March 11th, 2010 at 2:42 pm