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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Regarding chapter 7- can I choose which debts that I want relief

Resolved Question:

Regarding chapter 7- can I choose which debts that I want relief from- meaning can I retain a credit card or some other debt. Can secured debt such as a mortgage be discharged?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

You have to include all of your debts in the Bankruptcy papers, but you are allowed to continue to pay any creditors that you want to pay (even though you don't have to). However, once you file a Bankruptcy, all of your credit card companies are going to cancel your credit cards - even if you continue to pay - so that you will no longer be able to use them.

Secured debts - such as mortgages - can also be discharged in a Bankruptcy. However, you cannot have mortgage liens removed in a Bankruptcy. This means that if you stop paying the mortgage, the mortgage company can still foreclose the house, even though the mortgage debt is discharged.


I think this is what you wanted to know. If not, please let me know.
Thank you.

Customer: replied 5 years ago.
Other than poor credit -what is the down side or bankruptcy?
Expert:  cfortunato replied 5 years ago.
Because of the reduced credit score caused by a Bankruptcy, it will be harder to get credit. However, within about one year after filing a Bankruptcy, the credit score starts to go back up.
Customer: replied 5 years ago.
Ok- If I plan to not finance anything again- mortgages - credit cards ect-is there any other downside?
*Lastly- the credit concern I have is being able to renew my auto lease- which has a perfect payment history.
Expert:  cfortunato replied 5 years ago.

You can still get credit after filing a Bankruptcy - it will just be harder to get - but that is the only downside.

And you may not be able to renew your auto lease - this depends on the leasing company. However, if your current auto lease company will not let you renew, you should be able to find another company that will allow you to lease a car in spite of your Bankruptcy.

Customer: replied 5 years ago.
Lastly- my thinking is that the bankruptcy is an obvious negative on the credit report- but as for ability to pay- having no debt is a plus.
Expert:  cfortunato replied 5 years ago.

If you are asking if your thinking is correct, the answer is "yes".

cfortunato and other Bankruptcy Law Specialists are ready to help you