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Bankruptcy Law Frequently Asked Questions (FAQs) | Missouri & Illinois Common Bankruptcy Legal Questions

Q: Can I  pick and choose which debts and property to list in your bankruptcy?

A: I'm sorry, but you can't. Doing so would be against the law. Under the law, when you file bankruptcy, you have to list all your property and all your debts. Most people want to leave out a debt because it is their intent to keep paying on it. The good news is that you can achieve the same goal, even though you have to list the debt. If you want to keep paying on a debt after bankruptcy you can.

After bankruptcy, you can go back and pay anybody you want. In fact, after you file bankruptcy, there are some debts you have to keep paying on. For instance, if you have a car, truck or house loan, even though you list the debt in your bankruptcy, if you want to keep the car, truck or house, you have to keep paying on the debt. More importantly, and you need to know this, as long as you stay current on the loan and keep the property properly insured, you are protected under the law and you get to keep the property, because under the law, the creditor is stuck with you and can't do anything about it.

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