Creditors and Bankruptcy/Bankruptcy considerations
I'm considering filing bankruptcy because of debt left over from a marriage which has now ended...Can you pick which credit cards you want dismissed because some of my cards are charges I made and feel I should pay. I have my trailer which sits on a lot & another trailer on a lot...they are paid for...I have 2 cars financed in my name although one is being paid for by my son. Can I file?
Directly answering your question about keeping some of your credit cards, there are a couple of things to think about. In a bankruptcy if you show preference to one creditor against another creditor, it is possible that that could be called a "preference", and it is possible that showing specialized treatment to one at the expense of another would be disallowed. Having said that, however, depending on the amounts involved in each account, it is usually no problem to keep one or two credit cards and discharge the rest - but it just depends on other facts that you don't state in your question. The real question is, if you are going to file for bankruptcy, why would you NOT want to include all of the credit cards? IF you are worried about having a credit card just for having a credit card's sake so that you can have that security, you just may be able to get another credit card after you file for bankruptcy. That happens all the time, and the credit implications for bankruptcy are often purposely exaggerated by the creditors. Additionally, you state that there are some cards that you used and feel obligated to pay. That is understandable, but your saying that implies that you are doing something wrong or dishonest by filing bankruptcy. Nothing could be further from the truth. The bankruptcy process is your opportunity to make a fresh start, and bankruptcy is a legitimate way to do so. Don't let anyone tell you different. The whole idea of bankruptcy is derived from the Bible itself (the year of Jubilee where after every seven years the Israelites had a big party and all debts were forgiven - this not to mention the wise Man that specifically said, "forgive us our debts as we forgive our debtors." You have nothing to be ashamed about by considering this. I have helped well over a thousand clients over the past 30 years with bankruptcy cases and virtually without exception, the process brought a relief to debtors that are in the same position as you.
The second part of your question, "can you file?", is probably better stated, "Can you file without having to lose anything?", and the answer at this point is probably. I say probably because you don't state enough information about the value of your assets and the amount owed and other facts that would enable me or anyone else to make that kind of a judgment. If you call me on the phone, I can explain how the bankruptcy process would affect you specifically. I suspect that after we talk I can assure you that you will NOT lose anything. I will not charge you just to talk on the phone.
If you call me on the phone, and you are welcome to do so any time, you can call me at this number. 915 261-3893 I look forward to hearing from you.
Jack Hall, J.D.
Hall Bankruptcy Services
915 261- 3893