Often times, clients will want to withhold credit cards with low balances from bankruptcy so they can keep that account open and continue using it after the bankruptcy case is completed. However, the law prevents an individual from doing that. All debts have to be included on a bankruptcy petition, a debtor cannot merely pick and choose which ones to include. If the debtor would like to keep the debt and continue to pay it off, they could always choose to reaffirm the debt with the creditor, although this is rarely recommended. Regarding assets, all have to be included on the bankruptcy petition as well, including some instances where previous assets have been disposed of or distributed. This is to prevent fraud and to allow the trustee the oppourtinity to reimburse creditors if at all possible. For assistance about completing bankruptcy petitions or any other general questions, contact our bankruptcy attorneys for a free consultation.
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