Can I exclude an unsecured loan from my petition? 23 Answers as of October 16, 2014

I am up to my eyeballs in debt and I am only 24. I was laid off and cannot find a job. My husband's salary cannot pay for all of our bills. I am thinking about bankruptcy but I have one unsecured loan that I do not want to include. My dad co-signed for it and I do not want him to be burdened.

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EDWARD P RUSSELL | EDWARD P RUSSELL
You must include all of your assets and all of your debts on the schedules but you could reaffirm or keep a debt is you wish.
Answer Applies to: Minnesota
Replied: 10/16/2014
Freeman Law Group, LLC
Freeman Law Group, LLC | Derek Freeman
You need to disclose all debts on your bankruptcy petition. If you fail to disclose a debt, the penalty can be severe. However, you can keep on making payments on this loan if you like. Nothing prevents you from doing so. Just understand that if you stop making payments, your dad will be on the hook.
Answer Applies to: Colorado
Replied: 10/8/2014
Ronald K. Nims LLC | Ronald K. Nims
When you file bankruptcy, you're required to list all your assets and all your debts. You'll swear (or affirm) to this on penalty of perjury. So, you have to list all your debts, even cosigned debts. And you're obligation on the debt will be discharged while your father will remain liable. You can ask the court to reinstate your liability, this is called "reaffirmation". However, even if you're not liable, you can still make the payments.
Answer Applies to: Ohio
Replied: 10/2/2014
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
You must include all loans and all required information with your filing. You sign under penalty of perjury that you are making a full and complete disclosure of your finances. This is federal law and the penalties for lying can be severe. It's not worth the risk of going to prison.
Answer Applies to: California
Replied: 10/2/2014
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
You must include all debts. Just continue paying the debt after the BK. The creditor does not care who makes the payments. You will not have a legal obligation to repay this debt, but if you feel morally bound continue to pay the debt.
Answer Applies to: Colorado
Replied: 10/1/2014
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    Excluding a debt from a bankruptcy is a criminal offense and most of the time, doesn't work because the creditor finds out about your bankruptcy anyway. You have the right to repay any debt even if you have discharged it through bankruptcy. And you are NOT a criminal.
    Answer Applies to: Nevada
    Replied: 10/1/2014
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    You cannot exclude it, but there is nothing that will prevent you from continuing to pay this after your bankruptcy. You just wont be required to pay it.
    Answer Applies to: Florida
    Replied: 10/1/2014
    Law Offices of Linda Rose Fessler | Linda Fessler
    You have to put it down. You can always pay your dad back later.
    Answer Applies to: California
    Replied: 10/1/2014
    Danville Law Group | Scott Jordan
    No, you must include all of your debts and all of your assets in the schedules. If you choose to continue to pay the unsecured loan, you may.
    Answer Applies to: California
    Replied: 10/1/2014
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    As required by law, all debts, whether you intend to pay or not pay, must be listed in your bankruptcy. I'd consult with a qualified bankruptcy attorney such as myself. Most of the time, our consultations are free. Mine always are.
    Answer Applies to: California
    Replied: 10/1/2014
    Garner Law Office
    Garner Law Office | Daniel Garner
    You must list all your debt regardless of your intentions regarding repayment of that debt. You may inform the unsecured lender that you intend to honor the debt and ask them not to bother the co-signer, but the lender will follow their own policies on that and you cannot stop them from trying to collect from your father. You must also list your father as a co-debtor on Schedule H. You should be honest with your father and give him advance notice so that he can be prepared if he is contacted, and he might even suggest alternatives to bankruptcy that you had not considered.
    Answer Applies to: Oregon
    Replied: 10/1/2014
    The Law Office of M Grater LLC
    The Law Office of M Grater LLC | Mark O. Grater
    You are required to list all debt in the bankruptcy.
    Answer Applies to: Connecticut
    Replied: 10/1/2014
    Steele, George, Schofield & Ramos, LLP
    Steele, George, Schofield & Ramos, LLP | Alan E. Ramos
    You MUST include all liabilities and assets in your bankruptcy petition. If you leave out a debt, you will have committed a bankruptcy crime and you could have your discharge denied (in addition to other penalties). You should see a competent lawyer before you do anything.
    Answer Applies to: California
    Replied: 10/1/2014
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    No you cannot the law requires you to mention all you debt.
    Answer Applies to: New York
    Replied: 10/1/2014
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Yes. You can reaffirm it.
    Answer Applies to: Michigan
    Replied: 10/1/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    You must include that debt. Your responsibility for the debt ends and it will be his. You could voluntarily pay your debt back to your father after the BK.
    Answer Applies to: California
    Replied: 10/1/2014
    Thomas Vogele & Associates, APC | Thomas A. Vogele
    You should include it in your bankruptcy but agree to a reaffirmation agreement with the lender. Keep in mind that the lender may decide to pursue your father, nonetheless, but when you sign your petition, you do so under penalty of perjury and one of the questions you will be asked at a Rule 341a Meeting of Creditors is whether you have included all your liabilities on your petition. If you don't include the debt and then falsely state that you have listed all your debts, you could be charged with bankruptcy fraud. Meet with a good bankruptcy specialist to get more information before deciding what to do. Good luck!
    Answer Applies to: California
    Replied: 10/1/2014
    MCBRIDE LAW OFFICE | Robert E. McBride
    IF the loan is unsecured (no collateral): In Chapter 7 you must list the loan on Schedule F. You can continue making payments from from wages you earn after your Bankruptcy Petition is filed. In Chapter 13 you must list the loan on Schedule F. You may attempt to have the loan payments made through your Chapter 13 Plan of reorganization. The Trustee and/or your creditors have the right to object. IF the loan is secured (collateral): In Chapter 7 you must list the loan on Schedule D. You can continue making payments from wages you earn after your Bankruptcy Petition is filed. In Chapter 13 you must list the loan on Schedule D. You may pay the loan through your Chapter 13 Plan of reorganization so long as you intend to keep the collateral.
    Answer Applies to: Pennsylvania
    Replied: 10/1/2014
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    All Debt is included in the Petition. The Master Computer that handles the bankruptcy sends out notices via SS# and other means to almost all creditors in the nation. Chances are if you leave it off, it will still be found out. You could reaffirm the debt, but that is not wise. If the debt is unsecured and not a student loan, why not include it and just assist your father in making the payments.
    Answer Applies to: New Jersey
    Replied: 10/1/2014
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    No, you can not exclude a debt of your choice. All debts must be included.
    Answer Applies to: New York
    Replied: 10/1/2014
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Under your circumstances you really need to confer with a bankruptcy attorney. Generally the answer is yes, you could reaffirm that debt. Seek counsel BEFORE you commit.
    Answer Applies to: Michigan
    Replied: 10/1/2014
    Cohen & Kendziorra, P.A.
    Cohen & Kendziorra, P.A. | Robert S. Cohen
    Under the bankruptcy code, you must list all your debts, secured and unsecured.
    Answer Applies to: Florida
    Replied: 10/1/2014
    D.J. Rausa, Attorney at Law | D.J. Rausa
    All your debts have to be listed. Your dad has to be listed as the co-debtor. You can continue to pay on the loan if you wish.
    Answer Applies to: California
    Replied: 10/1/2014
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