Debtors often ask me not to include a specific debt in their bankruptcy. In most cases the motivation behind these requests is that the debtors wish to keep a house or a car and they believe that if the debts that are secured by their property are listed in the schedules, they will lose the […]
LIABILITY FOR DEBT AFTER BANKRUPTCY DISCHARGE: IN PERSONAM VS. IN REM
When determining how a debt will be affected by discharge in bankruptcy, it is important to determine whether or not a debt is in personam or in rem. “In personam” means “against a person.” With a few exceptions, in personam liability is discharged in bankruptcy. For example, credit cards and medical bills are debts against […]
STUDENT LOANS -YOU MAY WANT TO PAY IN YOUR BANKRUPTCY CASE
Student loans are a peculiar sort of debt in the context of a Chapter 13 bankruptcy case. They are unsecured which entitles them to low priority for repayment in Chapter 13 plans, yet they are nondischargable, meaning the student loan debt survives the bankruptcy discharge. Because of these two traits, it is very important to […]