The Complete Book on Bankruptcy

By respected consumer bankruptcy attorney

Peter Francis Geraci J.D.

Chapter 1
How to have a Stress-Free Bankruptcy

Chapter 2
What is Bankruptcy

Chapter 3
What causes people to need Banruptcy Relief

Chapter 4
What is the procedure?

Chapter 5
When you should consider Chapter 7 or Chapter 13 plans?

Chapter 6
What can Bankruptcy do for you?

Chapter 7
Common Misunderstandings about Bankruptcy

Chapter 8
Is Bankruptcy Bad?

Chapter 9
What does Bankruptcy cost?

Chapter 10
Can I file without my spouse?

Chapter 11
Does my Employer know if I file Bankruptcy?

Chapter 12
Do I lose anything?

Chapter 13
Does Bankruptcy "Ruin my Credit"

Chapter 14
Can I keep bills off my bankruptcy

Chapter 15
Bills or property in somone else's name or posession

Chapter 16
What about the Credit Union?

Chapter 17
Co-Signors

Chapter 18
What about my car?

Chapter 19
What about my House?

Chapter 20
When do creditors stop bothering me?

Chapter 21
What are Cross-collateralization Agreements?

Chapter 22
Joint Accounts with Parents

Chapter 23
When do I stop paying creditors?

Chapter 24
Gas, Electric & Phone Bills

Chapter 25
Bankruptcy & Divorce, Alimony & Child Support

Chapter 26
What Bankruptcy won't solve

Chapter 27
Chapter 13 Debt repyament Plans

Chapter 28
Will I be able to get credit again?

Chapter 29
Bill Consolidation Loans

Chapter 30
Bill Consolidation

Chapter 31
Wage Assignments, Deductions and Levies

Chapter 32
Student Loans

Chapter 33
Can I get rid of Taxes

Chapter 34
NSF Checks, Traffic & Parking Tickets

Chapter 35
Surrendering Real Estate & Time Shares

Chapter 36
Business Bankruptcy

Chapter 37
Professional Persons

Chapter 38
Do you ever "Not Get" a Discharge?

Chapter 39
About Geraci Law LLC and Peter Francis Geraci

Chapter 40
Who is the best Bankruptcy lawyer near me?

Chapter 41
What if I need a Bankruptcy lawyer near me?

CHAPTER #15 BILLS OR PROPERTY IN SOMONE ELSE'S NAME OR POSESSION

Several interesting complications arise when people mix up their finances with others. You must disclose all such debts or assets.

When you have asked someone else to run up a bill, and promised to pay for it, you are a stranger to the creditor. The creditor knows of the existence of the person who got the credit, but has no idea of your promise. Therefore, you are not a debtor, except for your debt to the other person. The creditor has no obligation or demand on you, and therefore, the debt cannot be dealt with by your Chapter 7 or Chapter 13. You should list your obligation to the other person, however.

In a Chapter 7, you can discharge your promise or debt to repay the other person's loan, by simply listing the person on your petition. In a Chapter 13, especially if you are in possession of property that was purchased by the other person, you can deal with that property by proposing to pay the other person for it. Of course, if that person does not use the money to pay the creditor they bought it from, you may find that you will lose the property anyway, since the creditor retains its security interest in the property until it is paid.

Sometimes people transfer property to another person, or give another person money to buy something for them, either because they have no ability to borrow themselves, or because they wish to hide their ownership. This must be disclosed on your bankruptcy petition.

Often, it makes no difference if you disclose such transfers, but it is a crime to conceal your ownership in property held in another's name when you are asking for bankruptcy relief. Honesty is the policy. You are a stranger to the creditor, but since you supplied the money to the person who bought it, the other person may owe you money, and if the other person is honest, will say that it is not his property, but yours. This most often arises with cars, where a person is driving and paying insurance on a car, but the plates, title and loan are in a relative's name. Most likely, we cannot help you with that situation either, but it must be disclosed anyway.