Can a promissory note be included in bankruptcy? 37 Answers as of June 26, 2013

Can a promissory note be included in bankruptcy?

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Breckenridge and Walton
Breckenridge and Walton | Alan D. Walton
You are required to list all assets and all debts. If you hold a note, it is an asset and must be listed. If you signed on, it is a debt, and must be listed.
Answer Applies to: Michigan
Replied: 8/24/2011
The Law Office of Marvin Wolf
The Law Office of Marvin Wolf | Marvin Wolf
All debts of any nature MUST be disclosed and included in a bankruptcy. It is an all or nothing process. What happens to the debt depends on whether it is secured or unsecured, and the type of bankruptcy.
Answer Applies to: New Jersey
Replied: 8/24/2011
Financial Relief Law Center
Financial Relief Law Center | Mark Alonso
Yes, a promissory note can be included in a bankruptcy. Most promises to pay include a promissory note in some form and especially if unsecured, that would not have a problem being part of a bankruptcy. If the note has a security instrument attached to it, such as a mortgage for house or other property like an automobile, etc, then you can still include it but will need to state your intention with respect to the property and ensure that you have enough exemptions to cover your property so you don't lose it in a bankruptcy.
Answer Applies to: California
Replied: 8/31/2011
Heupel Law
Heupel Law | Kevin Heupel
Yes, a promissory note can be included in bankruptcy.
Answer Applies to: Colorado
Replied: 8/22/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
I'm not sure what you mean by "included". Is this promissory note an asset that is owed to you, or a debt you owe to someone else? Either way, all assets and all debts must be included in any bankruptcy case. If you are asking whether or not (assuming it is a debt you owe) the debt is dischargeable in bankruptcy, that depends on how the Note came into existence and what it was for, but in most cases if it was not incurred through fraud it should be dischargeable.
Answer Applies to: California
Replied: 8/19/2011
    Jackson White, PC
    Jackson White, PC | Spencer Hale
    Yes.
    Answer Applies to: Arizona
    Replied: 6/9/2013
    Dan Wilson Bankruptcy
    Dan Wilson Bankruptcy | Dan Wilson
    Need more information. If the note is secured by real or personal property creditor can repossess/foreclose on the debt. If debt is unsecured debt can probably be discharged.
    Answer Applies to: Colorado
    Replied: 8/19/2011
    Bankruptcy Law Center
    Bankruptcy Law Center | Bill Zurinskas
    Bankruptcy will normaly discharge a promisssory note obligation. If the note is secured by collateral, the security interest will normally survive the bankruptcy.
    Answer Applies to: Colorado
    Replied: 8/19/2011
    The Law Offices of Kristy Qiu
    The Law Offices of Kristy Qiu | Mengjun Qiu
    Whether it's a note made from you, promising somebody that you will repay your debt, or a note that was made from somebody to you promising to pay you back, yes they can be included in a bankruptcy. The former can be discharged just like your other unsecured debts, and the latter will count as part of your assets and the trustee will take over the right of payment.
    Answer Applies to: Florida
    Replied: 8/19/2011
    Eric J. Benzer, Attorney at Law
    Eric J. Benzer, Attorney at Law | Eric Benzer
    Yes.
    Answer Applies to: Maryland
    Replied: 6/9/2013
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    Absolutely it can and you're required to do so, as you're required to list all of your debts.
    Answer Applies to: California
    Replied: 8/19/2011
    Law Offices of Michael J. Berger
    Law Offices of Michael J. Berger | Michael J. Berger
    Yes.
    Answer Applies to: California
    Replied: 6/9/2013
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    Yes, all written debts are based on a promise to pay in writing. Therefore, there must be a promissory note of some kind involving each debt that is writing. Debts are dischargeable whether in writing or not unless the particular debt is by law not dischargeable such as student loans, child support and fines. Therefore, what is important to know if not whether or not the debt is in writing but what the debt is for.... You do not say what the debt is for no one can tell you if it is going to be discharged in bankruptcy. By the way, you have to include all debts in the petition, whether or not dischargeable and whether or not in writing. However, the fact that you include it in the petition does not mean that it will be discharged in bankrutpcy.
    Answer Applies to: California
    Replied: 8/18/2011
    Judith A. Runyon, Esq. Attorney at Law
    Judith A. Runyon, Esq. Attorney at Law | Judith A. Runyon
    Yes.
    Answer Applies to: California
    Replied: 6/9/2013
    Law Offices of Alexzander C. J. Adams, P.C.
    Law Offices of Alexzander C. J. Adams, P.C. | Alexzander Adams
    Yes it can.
    Answer Applies to: Oregon
    Replied: 8/18/2011
    Theodore N. Stapleton, PC
    Theodore N. Stapleton, PC | Theodore N. Stapleton
    Yes all debts must be listed in your bankruptcy petition.
    Answer Applies to: Georgia
    Replied: 8/18/2011
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    You can include a promissory note in a bankruptcy if it is not secured. If it is secured, if there is a senior lien holder and the property is worth less than what is owed to the senior lien holder, then you could include it in a bankruptcy.
    Answer Applies to: California
    Replied: 8/18/2011
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