Legal Question in Bankruptcy in New Hampshire

Re: affect on other party in bankruptcy

"if a party files bankruptcy can he pick/choose the creditors to file bankruptcy with?"

No. All creditors must be scheduled. There is nothing to prevent voluntary repayment later.

"what happens to his assets ie: automobile?"

In most cases, cars can be kept, but it depends on whether you can exempt them under your state's law and how much equity is in it. Assets in bankruptcy become the property of the estate, administered by a trustee for the benefit of creditors, except to the extent they are exempt, which depends on state law. In most cases, there is little non-exempt property, so the debtor keeps everything.

""does his bankruptcy affect a co-signer on his loans, if he does not include these with his bankruptcy?"

There's no choice. The co-signer remains liable.

"I am the co-signer on two auto loans and co-applicant on a credit card with another person, who is considering filing bankrupty to eliminate approximately 12,000 in credit card debt that is in his name alone will this affect me as the co-signer?"

You are liable now, and you will still be. It will just be that you may have to pay it yourself.

"will it affect the ability to keep the vehicles?"

Depends.

"basically can he choose to just include certain cards, ie that don't include my name to hurt my credit?"

No. But if you pay it shouldn't hurt your credit much if at all.

Daniel Press

Chung & Press, P.C.

6723 Whittier Ave., Suite 302