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Your Pre and Post Filing Bankruptcy Debt

When you file for bankruptcy you are required to list all of your debts. These debts are classed as your pre-petition debts. Any debts that occur after you file are called post petition debts. These debts are not considered in your Indiana bankruptcy.

Debt Considerations

Some of your debts are ongoing.  This is where you are required to make payments on them not only before you filed for your bankruptcy, but during it as well. For example, payments on your mortgage or vehicle. These types of debts are considered pre-petition debts.

Sometimes when you file for a chapter 7 bankruptcy and your creditors have been notified, they will contact you and ask you to reaffirm your debt. These are usually your secured creditors like for your mortgage or car loan for example. Whether you are compelled to do this or not will depend on the laws pertaining to that debt and what procedures are in place within the area of bankruptcy. Ideally you should have retained a bankruptcy attorney and he will advise you as to what you should do pertaining to these requested reaffirmations.

What is important to realize is that when you reaffirm a debt you are again accepting personal liability for it. If in the future you default on your payment then these creditors can come after you to get back its collateral. This means if they seized the property with the lien on it and then sold it, whatever balance was left owing on your debt they could sue you for this.

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