I would appreciate any assistance anyone out there can offer me about this situation.... thank you in advance for anything you can tell me!!
After making a personal loan to a friend, this individual has informed me that his debt to me was included in his recent bankruptcy petition.
My questions are:
1. We are the only two people who are aware that this loan agreement exists. Is it possible for him to file his bankruptcy petition without including his debt to me.
2. When filing a petition, does the filer have to include all his documented debt? ie motgage all redit cards, etc.
3. If an individual has already filed a petition and included, for example, his personal debt to me, can he go back at a later date before the hearing and discharge, and amend his petition to remove me as a creditor.
4. Approximately how long does it take from the date of filing for the court hearing and the discharge to be issued?
1. Possible? Yes. Legal? No.
2. He has to include everyone to whom he presently owes money. If he has credit cards that are paid in full he doesn't have to list them.
3. He can correct actual mistakes but can't just de-list genuine debts. He should expect the trustee to question him about the correction. He will have to answer under penalty of perjury.
4. This depends upon many factors. I would need more facts before I could say.
Keep in mind that a discharge does not force the bankrupt to renege on his obligation. Debtors can sign reaffirmation agreements with creditors which will leave the debt intact after the discharge, or can repay a debt out of a sense of honor even if the court has officially discharged that debt.
-- Modified on 10/20/2005 6:36:26 PM
I'll re-up, but it will take a week or two. I hope your message wasn't urgent.
I go for months w/o getting a pm and then... bang... I have to buy vip to read one email from someone who can't find my email