Can a promissory note be included in bankruptcy? - Bankruptcy Law Questions and Answers- LawQA.com

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Can a promissory note be included in bankruptcy?

Can a promissory note be included in bankruptcy?

Answer By Alan D. Walton
Breckenridge and Walton
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You are required to list all assets and all debts. If you hold a note, it is an asset and must be listed. If you signed on, it is a debt, and must be listed.

Answer Applies to: Michigan
Replied: 8/24/2011

Answer By Marvin Wolf
The Law Office of Marvin Wolf
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All debts of any nature MUST be disclosed and included in a bankruptcy. It is an all or nothing process. What happens to the debt depends on whether it is secured or unsecured, and the type of bankruptcy.

Answer Applies to: New Jersey
Replied: 8/24/2011

Answer By Mark Alonso
Financial Relief Law Center
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Yes, a promissory note can be included in a bankruptcy. Most promises to pay include a promissory note in some form and especially if unsecured, that would not have a problem being part of a bankruptcy. If the note has a security instrument attached to it, such as a mortgage for house or other property like an automobile, etc, then you can still include it but will need to state your intention with respect to the property and ensure that you have enough exemptions to cover your property so you don't lose it in a bankruptcy.

Answer Applies to: California
Replied: 8/22/2011

Answer By Kevin Heupel
Heupel Law
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Yes, a promissory note can be included in bankruptcy.

Answer Applies to: Colorado
Replied: 8/21/2011

Answer By Mark Markus
The Law Office of Mark J. Markus
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I'm not sure what you mean by "included". Is this promissory note an asset that is owed to you, or a debt you owe to someone else? Either way, all assets and all debts must be included in any bankruptcy case. If you are asking whether or not (assuming it is a debt you owe) the debt is dischargeable in bankruptcy, that depends on how the Note came into existence and what it was for, but in most cases if it was not incurred through fraud it should be dischargeable.

Answer Applies to: California
Replied: 8/18/2011

Answer By Spencer Hale
Jackson White, PC
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Yes.

Answer Applies to: Arizona
Replied: 8/18/2011

Answer By Dan Wilson
Dan Wilson Bankruptcy
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Need more information. If the note is secured by real or personal property creditor can repossess/foreclose on the debt. If debt is unsecured debt can probably be discharged.

Answer Applies to: Colorado
Replied: 8/18/2011

Answer By Bill Zurinskas
Bankruptcy Law Center
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Bankruptcy will normaly discharge a promisssory note obligation. If the note is secured by collateral, the security interest will normally survive the bankruptcy.

Answer Applies to: Colorado
Replied: 8/18/2011

Answer By Mengjun Qiu
The Law Offices of Kristy Qiu
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Whether it's a note made from you, promising somebody that you will repay your debt, or a note that was made from somebody to you promising to pay you back, yes they can be included in a bankruptcy. The former can be discharged just like your other unsecured debts, and the latter will count as part of your assets and the trustee will take over the right of payment.

Answer Applies to: Florida
Replied: 8/18/2011

Answer By Eric Benzer
Eric J. Benzer, Attorney at Law
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Yes.

Answer Applies to: Maryland
Replied: 8/18/2011

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