Question We are filing for bankruptcy in the next few weeks, want to have some "good" things

[numberonemom]

to keep on our credit reports and not include in the bankruptcy. Any suggestions for us before filing?

[keepmine]

The bk code requires you to list all of your creditors. You can't pick and choose.

[numberonemom]

They may have to be listed but they don't all have to be included.

[kornellred]

Talk to your attorney. He or she will tell you all you need to know. Then, come back to the forum and ask a question that makes sense.

[numberonemom]

If my question didn't make sense to you, all you had to do was simply ask me to explain. There is no reason to be rude!

[ess]

You have to list everything you owe. You don't have to list a card you owe nothing on but once they find out you filed BK they will no doubt close the account.

[numberonemom]

I understand everything has to be listed but everything doesn't have to be included in the bankruptcy. Lots of people file bankruptcy and don't include some things that they are current on.

[LadyInTheRed]

They may have to be listed but they don't all have to be included.

Do you mean that you are thinking about reaffirming some debts in order to keep positives on your credit report? In order to reaffirm debt, your attorney has to certify to the court that it is in your best interest to do so. I'd run from any attorney who is willing to do that in order to keep positive reporting on your credit report. The only reason to reaffirm debt is to keep property that secures the debt. Even then, it is not always necessary or advisable to reaffirm.

If you file BK, your credit rating will dive. If you need to file BK, that should be the least of your worries. Your credit rating will recover with time.

[ess]

I don't know how lots of people are doing that. Whatever shows up on you credit report gets listed. The only thing I reaffirmed is the car as it's joint with my husband and he is not filing. My attorney advised against it until I told him my husband can pay off the car if anything should happen down the line. Even if you reaffirm they do not have to report to the credit bureaus.

[numberonemom]

What sense would it make to include my accounts that have never been late? That's what I don't understand. That's exactly what my friend did and has had no issues. Maybe I'm missing something?

[LadyInTheRed]

What sense would it make to include my accounts that have never been late? That's what I don't understand. That's exactly what my friend did and has had no issues. Maybe I'm missing something?

Whether you are late on accounts makes no difference. You don't have to be late on any accounts to file bankruptcy. If you are bankrupt, you are bankrupt. You don't get to chose which creditors to include. They all must be treated equally. We can't speak to what your friend did because we don't have the details.

[ess]

Even if you are current it is still a debt that you owe and the court requires you to list all debts. You can not pick or choose who you want to pay and who you don't. I don't know what your friend did, maybe you are misunderstanding him? Even if you don't list a creditor chances are once they find out you filed BK and they will, they will close your account and you will be responsible for that debt. It makes no sense to do that. If you plan on filing list everything and give yourself a fresh start. I suggest you talk to an attorney, they will give you a free consultation either in office or over the phone.

[jst4f]

You have to list all creditors. Not to list them could be viewed as fraud. I can't think of any advantage to your credit report to continue to pay an unsecured debt after discharged. Maybe your friend kept paying on a secured debt.

[TheBajan]

NumberOneMom,
I'm just curious to know if you've actually interviewed any attorneys yet? It sounds like you are ready to go ahead with this but you don't seem to have enough information to make good decisions. I hope that doesn't come across wrong. What I'm trying to say is that you really need to sit down with a few (at least 3 or 4) different attorneys to get some of this answered for you. Whatever your friend is telling you or did we can't address except to say that you seem to be under a false impression about what you can or can not do. The law requires you to list ALL of your creditors (even if you are current) as well as ALL of your assets. Anything less can be construed as fraud. I'm very new at this as I've only just filed in Feb [Chap. 13] but I can tell you I've gotten a lot of help just reading some of these posts. I wouldn't suggest going ahead with your filing until you have a better understanding of what your responsibilities are. Find a GOOD attorney who is patient and experienced. You seem to be having a hard time letting go of the "security" of your FICO score (credit). Let go. It will be the most freeing part of this whole process for you. Just let go. Credit can be re-built. No matter what you do, once you file, your credit is trashed so just let go and accept it. This forum has been a great place for me to learn from others and it will be for you also.
Best wishes,
The Bajan

[Drazil65]

Hi, seems like you are a little confused with the whole process. Perhaps your "friend" used language to describe something he/she did during the BK process that wasnt quite what they meant and you took it to mean something else? Anyway, you have no choice other than to list all your debt whether it is behind or not (and lots of us had certain debt that was not behind at the time of filing like vehicles etc). Its the law and to suggest anything else could be considered fraud under BK law. You are getting excellent advice here and I would suggest you start this process by reading everything you can here on this forum, lots of experience to go from. Then make at least 2 or 3 appointments with BK attorneys in your area to interview, ask them lots of questions. DO NOT use an attorney just because they are cheaper than the rest or because you had a friend that used them. Make your own decisions based on your facts, it will be one of the most important pieces of the procress for you.

This is a great group of people with lots of information for those seeking knowledge and information on the process, if you ask a question you will get answers so do not ask if you seriously only want to hear what you want to hear. We wish you the best of luck and are here if you are ready for us!