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No, all creditors must be included in bankruptcy whether or not the accounts are in default. Intentionally omitting a creditor from the BK schedule will result in a dismissal and possibly other penalties.
Wiki User
∙ 18y ago
Wiki User
∙ 16y agoWhen you file bankruptcy, it involves ALL of your asserts and liabilities...not only those you want it to or chose.
All are given different classes or levels of priority. Some are even exempt - either as a debt to be excused, or an asset to be used. Again, you don't chose (because you would say include only what I owe and don't want, exempt or exclude everything else. Like thinking it would be right if I don't want the mortgage or the tax, but I do want the house.) And the creditors don't chose...can you guess why? (Although the most they would likely ask for is to get what you promised to pay or owe them).
If you have more assets than liabilities...everyone gets paid.
If you have less, than you lose everything and some people get paid less than they would have.
Wiki User
∙ 15y agoNo. You must include all assets and all debts in your filing.
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What can a repo man do if they dont get paid by creditor?
The only recourse (legally) would be to file suit against the creditor, seeking payment.
Can a repossesion company get a boat after bankruptcy has been filed on it?
The creditor can repossess the boat, after it files a motion for relief from stay that is allowed or you have agreed to surrender the boat to the creditor. The repo company is only acting as an agent for the creditor.You do not file bankruptcy "on" anything. You file bankruptcy to have your debts discharged if they are dischargeable. If you have intentionally omitted other creditors, your petition or discharge could be denied.
Would a creditor be better off to settle for 30 percent of the total due in the case of a charge off rather than have the debtor file for bankruptcy?
This question could only be answered by the creditor.
Can a credit card company sue you if you file bankruptcy?
For filing bankruptcy? No. Filing for bankruptcy is not illegal and your right to do so cannot be waived by contract.For fraud? Yes, but the fraud would have to be proven.For the money you owe? Possibly, but pointless, since they are already a creditor and a successful lawsuit will only make them a creditor, which they were to begin with. It wouldn't even raise their standings in the priority of repayment from the bankruptcy discharge.
Who can file for bankruptcy in Wisconsin?
Anyone who is a resident of the state can file for bankruptcy in Wisconsin. There is no restriction on who can file, only for which chapter they can file in.
Can a creditor file a civil lawsuit against you?
If the creditor has a valid debt and if you are not able to make payments as they come due, the creditor can and probably will file a civil lawsuit against you. Once a creditor realizes that no amount of persuasion out of court will get him anything on the debt, a civil suit is the only recourse to getting paid.
If you file chapter 7 bankruptcy and are discharged can a creditor later put a judgment against you for a mortgage on property you surrendered to them when you filed the bankruptcy?
No. The creditor can foreclose on the property (and virtually always do) since that is the way they get your name off of the deed and someone else's name on it. And, during this foreclosure, they will list you as a defendant since you are the property owner until the sheriff sale takes place. But, when the judgment is rendered in the foreclosure, it should be an "in rem" judgment, which means against the property only, and not an "in personam" judgment, which means against you personally. If they do get an in personam judgment against you, it is usually a good idea to notify the court and let them know about the bankruptcy so they remove the in personam judgment.
can i file bankruptcy without my husband in the state of idaho?
You can only file bankruptcy without a spouse in cases where the debt is yours only. For example, if you have a credit card that is in your name only then you can file without your husband.
If I file bankruptcy can I add my mother's creditor with my bankruptcy?
Just because she is your mother, it does not mean that you are automatically liable for her debts. When you file for bankruptcy, you can include only those debts which you are liable either personally or as a co-signor or joint debts. If you are not a co-signor and you include your mother debt in your bankruptcy, you will be committing fraud and your petition will be dismissed. Once a bankruptcy petition is dismissed for fraud, there may be restrictions on future filings. Your mother will continue to be liable for the debt. If she is unable to pay the debt, she can file for bankruptcy to discharge the debt. For an official opinion, it is advised you seek legal counsel.
Will your bankruptcy stop your judgments against your ex?
I am not sure what you are asking, but here goes. If you file bankruptcy for yourself, it only applies to you. The debtors can, and probably will go after your ex. It happened to me already. Your ex can file bankruptcy on his own behalf, and be protected also. If you have a judgment against your ex, and he owes you, I do not think that you, filing bankruptcy would interfere. I am not an attorney , but do believe that he would still owe you whatever the court ordered .
Can married couples file bankruptcy separately in Illinois?
A married couple can file for bankruptcy separately in Illinois, as it is not uncommon for one spouse to have a significant amount of debt in their name only. However, if spouses have debt they want to discharge that they're both liable for, they should file together. Otherwise, the creditor will simply demand payment for the entire amount from the spouse who didn't file. When a married couple face bankruptcy, they can file jointly, one can file while the other doesn't or they can file separately at the same time.
Can you get a civil judgment removed from your credit report if it was included and discharged in a bankruptcy even if the judgment date is later than the bankruptcy discharge date?
Yes, you can have a civil judgment removed from your credit report if it was included and discharged in a bankruptcy, even if the judgment date is later than the bankruptcy discharge date. You may need to dispute the judgment with the credit reporting agencies and provide proof of the bankruptcy discharge to have it removed from your report.
