Do I Have To List All My Debts In Bankruptcy?

Yes! The Bankruptcy Code requires that you schedule every debt you owe, even those that are contingent or uncollectible, in your bankruptcy petition. Debts are broken down into four categories on your bankruptcy petition:

Secured Debts – those debts that have collateral attached to them, such as a mortgage against a home or a car loan against a vehicle.
Priority Debts – these are debts that the Bankruptcy Code provides special treatment for, such as recent tax liability, domestic support obligations and governmental fines.
Unsecured Debts – those debts that do not have any collateral attached to them, such as a credit card, medical bill or payday loan.
Leases/Executory Contracts – these are contractual obligations for the use of some property, such as an apartment or vehicle lease.

All debts are listed in bankruptcy, all creditors are notified of the bankruptcy, and all debts are treated in accordance with the Bankruptcy Code. Those debts that are discharged in your bankruptcy can never take any collection action against you again. You do have the right, however, to pay back any creditor you choose after the bankruptcy is closed and discharged. This is common for debts owed to another individual, you must schedule them in your bankruptcy but of course you are going to pay mom back after your case is discharged, and you have every right to do so.

Many people want to keep a single credit card or loan with their credit union out of bankruptcy, giving them an emergency line of credit, a way to quickly rebuild their credit, or to maintain a relationship with the institution. First, this is not permitted, as all creditors must be included. Second, it is not necessary. You will have more opportunities than you think to obtain a new credit card or line of credit after the bankruptcy case is closed and discharged. Third, if you really want to maintain your relationship with the institution, your attorney can negotiate an agreement with that institution while you are in your bankruptcy case. An experienced bankruptcy attorney will only do so, however, if they genuinely believe it is in your best interest.

Need Help With Bankruptcy?

Take the first step toward financial freedom. Answer a few questions to get started with your free evaluation.

Why are you considering bankruptcy? *

Company

How much unsecured debt do you have?^ⓘ *

Is an attorney helping you? *

Please describe your current financial situation. *

Contact Information *

Please share your contact information below so we can match you with a local bankruptcy firm. A representative from that firm will call you to explain your options.

There is no charge to speak with an attorney, and your conversation will be kept completely confidential.

First Name Last Name Email Phone Number Zip Code By submitting this form, I expressly consent to receive calls and text/SMS messages from Bankruptcy.com and/or its participating sponsors using automated technology, prerecorded and artificial voice messages. My consent to such contact is not a condition of purchase. I agree to the use of electronic signatures, Privacy Policy, and Terms of Service, including its requirement to arbitrate disputes.