QUESTION
Is it legal to include an installment loan in a bankruptcy?
Asked on Oct 02nd, 2013 on Bankruptcy - Michigan
10 ANSWERS
William M Stoddard
You do not tell me what the installment loan is, secured or non secured? In bankruptcy you must list ALL debts and ALL assets. So you have to list this debt. But characterizing what it is gives you the answer whether it is dischargeable or not.
Answered on Oct 07th, 2013 at 3:29 AM
General Practice Attorney serving Coeur d'Alene, ID
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Michael B. McFarland, PA
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Yes, but because you asked that question, you really should consult with an experienced bankruptcy attorney for assistance. Filing a bankruptcy by yourself requires a certain degree of familiarity with the bankruptcy code. Absent that, you can be virtually assured that you will have problems with your case - which could easily cost more than the assistance of an attorney.
Answered on Oct 03rd, 2013 at 1:28 PM
When you file a bankruptcy, you file the bankruptcy and not the debts. You must include all of your debts and assets in the petition of bankruptcy. The question is if it will be discharged. An installment loan could be one that has collateral, such as a car, etc. If you file bankruptcy you will most likely have to pay on that in order to keep the car. If it is just a loan, and it does not fall into the non dischargeable types then it will be discharged in bankruptcy.
Answered on Oct 02nd, 2013 at 12:32 PM
Bankruptcy and Creditor's Rights Attorney serving Walker, MI
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Mary Saur Cohn, PLLC
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Yes, you can and should include an installment loan in a bankruptcy case. If it is an installment loan for a secured debt (such as a vehicle loan), you may want to reaffirm (agree to repay) the loan in return for keeping the collateral (such as a vehicle).
Answered on Oct 02nd, 2013 at 12:18 PM
Deborah F. Bowinski
You MUST include ALL of your debts when filing for bankruptcy. What will happen depends upon the type of debt it is. If it is merely a signature loan it will be discharged. If it is a loan secured by collateral then you may have to choose whether to surrender the collateral or whether to continue to pay the loan.
Answered on Oct 02nd, 2013 at 11:19 AM
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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ALL loans must be listed in a Chapter 7.
Answered on Oct 02nd, 2013 at 10:49 AM
Not only is it legal to include an installment loan in a bankruptcy, it is illegal to exclude any loan from your bankruptcy.
Answered on Oct 02nd, 2013 at 10:48 AM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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Not only is it legal, it is required. ALL debts must be included in a bankruptcy.
Answered on Oct 02nd, 2013 at 10:34 AM
Bankruptcy Attorney serving Walnut Creek, CA
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Alan E. Ramos Law Offices
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When a bankruptcy petition is filed, it MUST include ALL debts and obligations, as well as ALL assets. This answer was provided as a public service to a question posed on the Law Q & A website. The answer is based on the information provided and is limited to those facts. Furthermore, the answer is based on California law and their application to bankruptcy law in California. Additional information could change the context of the question and materially change the answer.
Answered on Oct 02nd, 2013 at 10:30 AM
Divorce Attorney serving Bingham Farms, MI
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Gottlieb & Goren, P.C.
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Yes, but if you pledged collateral for the loan, you will lose the collateral unless you agree to pay its value.
Answered on Oct 02nd, 2013 at 10:20 AM