As long as you are current with your payments and continue to make them, your co-signor will not have to pay. If you surrender the asset or stop making the payments, the creditor can go after the co-signor.

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Your credit will likely improve! If you need to file bankruptcy your credit is either bad already or debt is so high that if even if your payments are current you will have difficulty getting credit in the future. Once your debt is discharged in bankruptcy, you won’t owe that money any longer, so your income to debt ratio will be much better and you will be able to qualify for some credit. Interest rates will likely be higher and you will need to look around and stand up for yourself so that you are not taken advantage of. Although the bankruptcy will be reflected on your credit report for 7 years after filing, as a practical matter you can take steps to rehabilitate your credit immediately after your discharge.

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Friends and family typically would not know that you filed bankruptcy unless you spread the word. Creditors, landlords and others who have reason to check your credit when you apply for credit or a contract will know. Your employer typically will not know. If you feel bad about filing bankruptcy and poor money management is the main reason you need to file, you will know what not to do in the future so that you won’t put yourself in this situation again. If your financial difficulty is due to illness, loss of a job, separation or divorce, loss of benefits, and other causes beyond your control and you have done your best, then it is time to let it go, be thankful that in this country we have a social safety net that allows one to make a fresh start, and channel your energy in a positive direction, namely to take care of getting bankruptcy relief and planning for the future.

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Employers are prohibited from discriminating against anyone who files for bankruptcy relief. Thousands of people file bankruptcy every month. Most employers have some familiarity with bankruptcy and are not overly concerned about it. In fact, in most Ch. 7 cases, there is no reason for the employer to know that you filed. Individuals whose job requires a high security clearance may have an issue because financial problems may be a legitimate concern regarding job performance and security considerations.

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If you are seriously considering bankruptcy, meet with your bankruptcy lawyer as soon as possible. Don’t make any more payments on debt you intend to wipe out. That is simply throwing good money after bad. If you are not sure whether you can afford to keep your house or your car, rather discuss your situation with a bankruptcy lawyer before making another mortgage or car payment. Once you understand your rights and options you can make an informed decision.

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Generally, if you owe the money there is no point going to court. You will get a judgment against you anyway. The first step is to meet with a bankruptcy lawyer as soon as possible to review your situation and to plan the best approach for you. If you receive a Subpoena to go to court that is different from receiving a Summons. You do need to go to court if you get a subpoena.

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Generally, all unsecured debt can be wiped out (discharged) in Chapter 7. Debts that may not be discharged include most taxes; debts obtained through false pretense, fraud, embezzlement, or theft; debts for luxury goods or services obtained within 90 days of the filing or cash advances obtained within 90 days of the filing under a consumer credit arrangement; debts not listed in the petition; child support and alimony; marital settlement agreement obligations, debts based upon willful or malicious injury to personal property of another; fines or penalties owed to the government; student loans; debts based upon death or injury arising from debtor’s intoxicated operation of a motor vehicle, and debts incurred to pay otherwise non-dischargeable taxes. The issue of dischargeability can be a complex one, and there are other variables and limitations beyond the exceptions described which should be discussed with your lawyer.

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In most cases filing bankruptcy will not cause you to lose your home, car or other assets. When you file bankruptcy, the issue is what the Trustee is required to sell or liquidate to pay your creditors what they are entitled to. In Maryland, you are allowed to exempt (protect) up to $12,000 of equity in your assets. So, if you owe more than your home or vehicle is worth, there is no equity to protect and, since a sale of those assets would result in no proceeds for your creditors, the Trustee has no interest in selling such assets. If there is some equity in you assets, then it depends on how much equity, how the assets are titled, and other factors that are best evaluated by an experienced bankruptcy attorney. In many cases, some equity is not a problem and, where it is a problem for Chapter 7 relief, it may be very solvable in a Chapter 13. If you assume that you won’t qualify for bankruptcy relief and don’t invest in a comprehensive Rights and Options Consultation with an experienced bankruptcy attorney you could be making a huge mistake! The first step is to find out what you need to know so that you can make an informed decision.

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Typically, an individual who is eligible for bankruptcy relief will proceed either under Chapter 7 or Chapter 13. Chapter 7 relief is intended for individuals and small businesses who have very little in the way of equity in their assets and little if any disposable income, i.e. people who live from paycheck to paycheck. Chapter 13 relief is intended for individuals who either are not eligible for Chapter 7 relief or need breathing room to get caught up on their debt, such mortgage and car payments that are delinquent, or to pay back taxes over time with more manageable payments. If one has too much non-exempt equity in one’s home, vehicle, or other assets, or earns more money that is needed to meet one’s reasonable and necessary living expenses (based on IRS national and local standards), filing for Chapter 7 bankruptcy relief will be deemed presumptively abusive. Unless special circumstances exist that would overcome the presumption of abuse, one would have to proceed under Chapter 13.

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