0
You can't file bankruptcy on just one debt, unless you have no other outstanding debts. Yes, a promissory note can be discharged in bankruptcy, as long as it is not secured by any of your property.
I wasnt asking to file only that one item - im not that ignorant - my question was : can a promissory note be included in the bankruptcy!ALL debts and ALL assets MUST be included. You cannot pick and chose what is included. Your entire financial obligations and assets are involved. You go BK, not a debt.Many debts are some form of promissory note. Many assets are evidenced by your having a promissory note from someone else they must pay.Each type of obligation or asset are given different priorities (or status) of payment, with assets being used to pay obligations.Some assets and some debts may be exempt, but they are included and given that status. That basically becomes a couirt decision.Again, I did not say I wanted to pick and choose - why do you keep implying that???
Simple question: can it be included - yes or no. I know things like alimony can not - so was inquiring about the promissory note.
ansYou've had YOUR question answered by 2 different fairly informed people, as simply as it can be!
What portion of everything is included don't you understand or think was given some reason it doesn't apply to a promissory note?
Everything is included. Some things, like child support, court ordered restitution and fines, etc., cannot be discharged by law. (Alimony may in fact be dischargable).
And while you claim to be well informed too...perhaps you should explore exactly how all encompassing the term "promissory note" is. You understand that virtually any IOU is one, that a mortgage is one, that virtually all debts evidenced in writing are done so with a promissorry note of some nature. Even the cash in your pocket is a "promissory note" (one reason for the term note to be on it's face), for that value by the US Government (agreeably more meaningful when each was backed by gold in the governments possession). Hence, if one could not include them in BK, they basically couldn't get almost any of the different types of debts discharged.
Your very welcome.
What part of the entire post did you NOT read that I never said to single out one item for bankruptcy - that's your own arrogance. Telling me I don't understand my own question. You accused me of something I didnt even ask. YES- The question has been answered - so stop posting rude replies.
This is a place for questions, If I already knew the answer I wouldn't have posted the question......so why you are asking WHY I posted the question - because I didnt know the answer - its not rocket science. Ask a question, get answers, that's what the site is here for.
What else can I help you with?
If you have a promissory note based on a business loan and you file bankruptcy on that business loan is the promissory note still valid?
Even though you file bankruptcy, you still have to honor the promissory note. If you are ordered to make installment payments then you will have to pay the promissory note in installments.
What happens to a promissory note when the note holder files for bankruptcy?
The note becomes a part of the bankrupt individuals assets.
Can an unsecured promissory note be discharged in California under Chapter 7 Bankruptcy?
Yes.
How can i use promissory note to file a complaint or lawsuit against the debtor?
In an action on a promissory note, the promissory note itself is evidence. Give it to your attorney, who is filing the suit, because he will need all the relevant evidence to pursue the lawsuit.
Is a negotiable promissory note owed to a friend a priority claim when filing for bankruptcy?
No, it would be a nonpriority, unsecured debt.
If you have signed a promissory note with a five-year repayment term and you file for bankruptcy will you be protected from repayment of the debt?
Unless you committed fraud, the answer under most circumstances, yes. If you pledged any collateral as security for the loan, the creditor's lien on the collateral would survive. The creditor would have 60 days after the meeting of creditors to file an action objecting to your discharge. If the creditor took no action, the debt on the promissory note would be discharged.
Wording for promissory note?
wording for promissory note with collateral
If you have a promissory note from a person who filed for bankruptcy in Texas can you still recover the money you were owed?
No. In fact, if the debt is paid after a bankruptcy has been filed the entire bankruptcy can be considered invalid and all other debtors will be able to demand payment.
Is a promissory note valid with no consideration?
No....a promissory note is not valid without a consideration.
How can you use the word promissory in a sentence?
She signed a promissory note as a commitment to repay the loan on time.
How do you issue a promissory note?
A promissory note is a fancy legal name for a legally phrased I.O.U.
Amount of promissory note is called?
The amount written on the face of a promissory note is called face value or principal. The date on which the promissory note is written is called the issue date.
