Questions about bankruptcy

Posted on Tuesday, May 27, 2008

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Hello,

I am single. Have no dependents, 45k in credit cards and small loans and 1 line of credit. I have no assets and only make $1500 per month. My questions are:

1. Does a discharge clear me of my debts entirely or do I have to pay a portion of it paid back.

2. Does it make any difference what led me to this position, for example, if I had an alcholol or gambling problem would that cause me problems?

4. The like of credit I have is co-signed by someone. Is it possible I simply don`t include it in the debt I am claiming bankruptcy on?

Filed under: Bankruptcy
 posted by Questions @ 10:28 pm
1 Expert Comment:

 At May 30, 2008 | 3:17 pm , Barton Goth GCO Bankruptcy Trustees Said...

If you file bankruptcy there are certain debts that are not released by the bankruptcy. Some examples of these are an award for damages in respect of an assault, alimony, spousal or child support, debt arising out of fraud, court fines, debts or obligations for student loans where the bankruptcy has not been out of school for at least 10 years.

As for whether your behavior prior to bankruptcy will be considered, you bet. If your direct negligence or an abusive lifestyle contributed to your circumstances the court will consider this and likely require you to stay in bankruptcy longer.

Finally you wondered about a cosigner. Legally you have to list everyone, regardless of whether or not there is a cosigner or not. Failure to list the debt can result in you not being eligible for a discharge.

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