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Do all of your debts have to be listed in your bankruptcy filing?


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2008-09-04 11:18:54
2008-09-04 11:18:54

Yes, if you deliberately fail to enter a debt on the bankruptcy schedule the BK can be dismissed with prejudice. When petitioning for your own bankruptcy you should disclose all of your debts. However, certain debts such as fines and Student Loans cannot be included in the bankruptcy.

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when filing any bankruptcy you must disclose ALL debts.

When you file for Chapter 7 bankruptcy, you are responsible for listing all of your debts. Some debts are generally not dischargable (i.e. child support, most taxes, student loans, secured debts, etc.). When you receive a discharge for dischargeable debts, the discharge generally applies to debts listed in your bankruptcy filing and any subsequent amendments. The discharge does not apply to date incurred after you filed bankruptcy and generally does not apply to debts that you failed to list in the bankruptcy.

Assuming there is a discharge order, probably not. A discharge affects all dischargeable debts, not only the ones listed in the bankruptcy, unless the debtor deliberately tried to create a "preference." In that case, the trustee might be able to capture the payments made after the filing date and apply them to his fee and the creditors.

No. You must include all assets and all debts in your filing.

You not only can, you must. All creditors must be listed in any bankruptcy filing.

You must list all of your debt when filing for Chapter 7 bankruptcy. However, not all debts are eliminated. There are certain exceptions to discharge under the Bankruptcy Code. Your attorney will be able to advise you by looking at your total financial situation.

If you are personally liable for the debts, you MUST include them in any bankruptcy filing. If the business is a separate legal entity (corporation, LLC, LLP, partnership), you must include the business as an asset, but any debts you are not personally liable for are not listed in your bankruptcy. If the business is small, has only one owner, one corporate officer and shareholder, etc., the owner is probably personally liable for most if not all debts.

Yes. They must be included. All debts and all assets must be included. IRS income tax debts can only be discharged, however, if the amount of tax due was determined 3 years prior to filing the bankruptcy.

If a debt was listed on a Bankruptcy that you filed and the Bankruptcy went through then that debt is permanently discharged with a Chapter 7.

A Chapter 7 bankruptcy proceeding is started by filing a petition with the bankruptcy court. The person filing a Chapter 7 is referred to as the "debtor." The debtor is necessary to disclose to the court all of its property and debts and turn over all nonexempt property to the bankruptcy trustee, who then converts it to cash for distribution to the creditors. The debtor then obtain a discharge of all dischargeable debts.

Yes, all debts and assets must be included in the bankruptcy filing. If a mistake is made and some debts and/or assets are not reported, the filer should contact the BK attorney or the trustee immediately. Deliberately ommitting information on a bankruptcy filing are grounds for dismissal. In addition when information especially assets is deliberately withheld the person(s) can be charged with bankruptcy fraud which is a federal crime and if convicted can be fined and/or imprisoned.

If your ex files bankruptcy and you are listed on some debts that (s)he wants to discharge, you will become 100% liable instead of 50%. Go through all your debts and make sure that anything in both of your names is paid. If you no longer have any joint debt, an ex filing will not affect your credit.

Not only can the be included, they MUST be included. All debts whether to Walmart or Aunt Betsy needs to be included in your bankruptcy filing.

You don't have a choice, ALL debts must be included in your bankruptcy petition. Oh, also, priority debts cant be discharged in a bankruptcy.

Items obtained through fraud, child support, court ordered restituion and federal/state taxes (off the top of my head). ALL debts must be listed because you are swearing that you have listed all debts. If there are assets in the case, some of your debts will be paid, therefore, the Courts need to know of ALL of your debts, so you list EVERYTHING. However, some debts are non-dischargable such as: Items obtained through fraud; Domestic Support Obligations; Taxes that are less than 3 years old; Student Loans; Debts incurred in the process of a crime (such as a DUI accident). It should also be noted that there is a 90 day presumptive period. Any debt incurred within 90 days prior to filing a Bankruptcy is presumptively fraudelent. Any debt incurred with the intention of filing Bankruptcy or without intention of repayment is presumed fraudulent.

No. You do not "declare bankruptcy" ON anything. You declare bankruptcy when you cannot pay your bills as they come due. You must list all your assets and all your debts. What happens after that depends on which title you are filing under, chapter 7, 11, 12 or 13.

When an individual files for bankruptcy, he/she must list down all the creditors and debts that they have. If the bankruptcy has already been filed and the individual has incurred new debt but has not yet been discharged by bankruptcy, that new debt is not included in the bankruptcy discharge. For an official opinion, it is advised you seek legal counsel. It is really important to seek legal advice from the expert about filing for bankruptcy.

If you are referring to a Chapter 7 bankruptcy, you are stuck with debts incurred after filing the bankruptcy unless your case is dismissed without a discharge and later refiled. In a Chapter 13 case, sometimes post petition debts can be paid through plan or the debts can be covered if you voluntarily dismiss the case and refile or convert it to a Chapter 7. In the case of a conversion to a Chapter 7, it would cover all debts up to the date of the conversion. The reform laws that went into effect in October 2005 contain much stricter rules on cases where a bankruptcy has been dismissed and refiled to prevent "serial" filers. Before making a decison, you must consult a local bankruptcy attorney to decide if dismiss your case and refiling is a valid option for your circumstance. Finally, Chapter 7 cases are very difficult to dismiss voluntarily.

List all of your loans and debts. They are all covered in your bankruptcy.

A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.

This answer depends on the judgment and whether the person holding the judgment will pursue it. There are some debts that will not be discharged upon filing for bankruptcy and these include (but are not limited to):All debts not listed in the bankruptcy petitionStudent loans - unless undue hardship to repayTaxes - Federal, state, and municipalFines for violating the law: including criminal fines and traffic ticketsalimony and child supportDebts for personal injury caused by driving while intoxicatedIn addition, a creditor may ask a court to determine that some debts are non-dischargeable, including:Debts incurred because of fraudDebts for willful injury to another's person or their propertyDivorce and other property settlementsDebts from embezzlement

Before filing Bankruptcy, one must consider all the other ways to repay their debts. Bankruptcy filing is not an easy task, as it involves a series of legal procedures. If a person is about to file for chapter 7 bankruptcy, then they must be prepared to liquidate their non-exempt properties. The bankrupt persons must analyze their financial position and make a list of all available assets and properties in order to find and dissolve the non-exempted assets. Nowadays filing bankruptcy has become easier by hiring a bankruptcy lawyer, one can find the available lawyers through some websites like,

If you are filing for bankruptcy by yourself (not as a couple) then you are only able to file regarding your personal debts and all joint obligations will remain outstanding and you will be liable for paying them. Your partners debts will remain with him.

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