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Eric L. Bolves, Esq. |
CAN I CHOOSE WHICH CREDITORS TO BANKRUPT?Yes and No. According to the Bankruptcy Code, you have to list everyone you owe money to on the Bankruptcy Petition. In a Chapter 7, you can choose which creditors, if any, you want to continue doing business with. Depending on the creditors, it is common to be able to keep a credit card or department store card open and active even during the bankruptcy. Chapter 13 may not give you that option. Everyone you owe money to is included in the bankruptcy payment plan. Creditors are often forced to accept payments that are much lower than normal. Most of the time, they don't leave the account open. In both Chapter 7 and 13, if you want to keep your mortgage and auto loan, it's usually not a problem. Return To Main MenuOffice Consultation Area
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