The underlining reason anyone has to file bankruptcy is their Creditors. Creditors come in various forms including by not limited to:
- Credit Cards (Visa, America Express, Discover, Target, etc.)
- Payday Loans(Cash Advances)
- Medical Bills(Dr’s, Dentists, Vet Bills)
- Mortgages (First, Second, and Home Equity Lines)
- Car Lenders (Ford, Ally, TD Auto, Credit Acceptance, etc.)
- Back Utilities (DTE, Consumers, AT&T, Comcast, etc.)
- Personal Guarantees(Business Debts, Co-Signing for someone else)
- Internal Revenue Service (Tax Debt)
- State of Michigan (Tax Debt, Drivers Responsibility Fees)
- Family Members (Personal Loans)
- Student Loans (They do not go away, but they still have to be listed!)
- Ex-spouses (Alimony and Child Support Obligations)
This by no means is an inclusive list, but the important part is that you tell your bankruptcy attorney about EVERYONE who is a creditor to you, so your attorney can properly advise you on your situation. Some debts will not go away by you filing bankruptcy (Student Loans, Child Support, etc) but you still have to list them in your bankruptcy filing. Further, the bankruptcy code requires you to fully disclose EVERY creditor you have. This includes people you want to continue to pay and people you want to get rid of. A common example of this is “I want to keep my car, home or loan I owe my brother out of my bankruptcy.” My answer is always the same. “The Bankruptcy code requires you to list everyone you owe money to on your bankruptcy petition, you then have to sign this bankruptcy petition under penalty of perjury, we have to list everyone!”
ow just because you listed your home, your car or your brother does not mean you cannot pay them back, or keep your home or car. For homes, you simply continue paying the mortgage if you want to keep the home. For cars, we will have you sign a reaffirmation agreement reaffirming the loan. For your brother, you can pay him back, just as you can pay Visa back one day if you really want too. The important part is that you list all of your Creditors and follow the bankruptcy laws.
With our offices centrally located in Livonia, we represent clients throughout Metro Detroit and beyond, including Westland, Garden City, Wayne, Redford, Belleville, Farmington Hills, Plymouth, Canton , Taylor, Romoulus, Northville, Commerce Township, Wixom, Dearborn, West Bloomfield and Detroit .