Can I choose which debts to file bankruptcy on?

Can I choose which debts to file bankruptcy on?

Why You Must List All Debts in Your Bankruptcy. Bankruptcy law doesn’t allow you to decide which creditors get paid—and the reasoning makes sense. When you file for bankruptcy, all of your creditors stand to take a financial loss. You can’t pick and choose which creditors get paid in bankruptcy.

Does a person have to pay any bills when they file bankruptcy?

Generally speaking, you don’t have to keep making payments on a debt once your Chapter 7 bankruptcy has been filed unless the debt is tied to specific property, like a car loan or a mortgage.

Can I file bankruptcy if I’m not behind on my bills?

Federal bankruptcy laws allow an individual, couple, or business to file bankruptcy at any time—even if they are not behind on their payments.

What kind of bills do I have to pay after filing bankruptcy?

This article will explore what kind of bills a person filing Chapter 7 bankruptcy has to pay even after their case is filed. Your living expenses include things like rent, utilities, cell phone plan, and car insurance. These are all bills you pay for an ongoing service, and not debts you owed when your case was filed.

Can you file bankruptcy if you have medical bills?

However, if you make less than the state’s median income, you don’t have to pass the means test. If you qualify, and most bankruptcy filers do, medical bills are among the debts you can have discharged. That includes medical bills you have charged on credit cards or have paid with a personal loan.

What do you have to do to file bankruptcy?

When you file for bankruptcy, you are required to make a list of your debts. That’s stuff like credit cards, mortgages, personal loans, utility bills – all the money you owe but cannot pay.

Can a debtor pick which debts to put in the bankruptcy?

It may be a case in which the debtor wants to keep a family car and make payments to the creditor by signing a new contract for the vehicle.