Chapter 1How to have a Stress-Free Bankruptcy
Chapter 2What is Bankruptcy
Chapter 4What is the procedure?
Chapter 6What can Bankruptcy do for you?
Chapter 8Is Bankruptcy Bad?
Chapter 9What does Bankruptcy cost?
Chapter 10Can I file without my spouse?
Chapter 12Do I lose anything?
Chapter 13Does Bankruptcy "Ruin my Credit"
Chapter 14Can I keep bills off my bankruptcy
Chapter 16What about the Credit Union?
Chapter 18What about my car?
Chapter 19What about my House?
Chapter 20When do creditors stop bothering me?
Chapter 22Joint Accounts with Parents
Chapter 23When do I stop paying creditors?
Chapter 24Gas, Electric & Phone Bills
Chapter 26What Bankruptcy won't solve
Chapter 27Chapter 13 Debt repyament Plans
Chapter 28Will I be able to get credit again?
Chapter 29Bill Consolidation Loans
Chapter 30Bill Consolidation
Chapter 31Wage Assignments, Deductions and Levies
Chapter 32Student Loans
Chapter 33Can I get rid of Taxes
Chapter 34NSF Checks, Traffic & Parking Tickets
Chapter 35Surrendering Real Estate & Time Shares
Chapter 36Business Bankruptcy
Chapter 37Professional Persons
Chapter 38Do you ever "Not Get" a Discharge?
No, you must list all debts, and all assets. If you leave a debt off, you will have to pay it. If you do it deliberately, you will be guilty of perjury. Same with property or any interest in any kind of asset. List everything, or lose it and risk getting indicted.
All creditors that are owed money must be listed on the bankruptcy petition. If you have a car loan, and you want to keep the car, the car lender must be notified, and an agreement must be made that the debt will survive the bankruptcy. This must be signed by your attorney and the creditor, and yourself. If you lie on your petition, and don't list the car loan, you are committing perjury and that is a crime. Also, if the car lender finds out about it later, they may be able to repossess the car just because you didn't tell them about the bankruptcy.
You needn't list current expenses such as your rent and utilities. Of course, if you are being evicted or are seriously behind in your utilities, they should be listed as creditors. Then, your utility bill can be put to zero, and you can get utility service started again. If you want to get out of your lease, you can do it by filing a bankruptcy. The landlord must be listed for informational purposes.
Some people like to keep a charge card just for identification, to cash checks, or to use when traveling. You cannot fail to list a credit card unless you have no balance due. If the card has a 0 balance, then the issuer is not a creditor, and need not be listed. You will have to disclose on your bankruptcy petition that you have paid creditors who are not listed as creditors, if you have paid off a balance within the last year.
Even if a card has a 0 balance, creditors check your social security number and can cancel the card. American Express, J.C. Penney and many others do it all the time.
List all debts, even if you are going to pay some of them. It is very easy to send money to a listed creditor, and agree that their debt will survive the bankruptcy, if you want. It is a very bad practice to lie on a bankruptcy petition and fail to disclose debts or assets.
So, although every creditor must be listed and notified, you can pay the ones you want, after a Chapter 7 proceeding, and get rid of the others. In a Chapter 13, everyone you owe must be paid through the Chapter 13 plan, unless you have Court permission otherwise.
Problem: Bob owes his grandmother $5,000, and wants to pay her. He doesn't want her to know about the bankruptcy, and his other $10,000 in bills. He also wants to keep his 88 Chevy, on which his payment is $342 per month, since it is up to date, and worth more than he owes on it. He is afraid that if he tells grandma he's filing bankruptcy, she won't give him any more money, and he doesn't want to lose his car.
The Peter Francis Geraci Chapter 7 or 13 Solution: Both grandma and the car finance company must be listed as creditors in a bankruptcy. In a Chapter 13, they both will be paid by the Chapter 13 trustee. In a Chapter 7, Bob will get rid of all his debt except the car, since he wants to keep paying on it. The car finance company has to know about the bankruptcy, and Bob must sign documents that say the debt on the car will not be discharged. In a Chapter 7, grandma's debt is discharged, but Bob is free to pay her if he wants. Grandma has to know about it, and Bob should tell her. She probably knows he's in financial trouble anyway, and will appreciate his honesty.