To answer the question: there is no picking and choosing, you must disclose all debts that you owe as of the time of your bankruptcy filing.

What can you not go bankrupt on?

Non-Dischargeable Debt

• Debts that you left off your bankruptcy petition, unless the creditor actually knew of your filing;
• Many types of taxes;
• Child support or alimony;
• Fines or penalties owed to government agencies;
• Student loans;
• Personal injury debts arising out of a drunk driving accident;

Can you keep your bank account if you go bankrupt?

You should still be able to have a bank account after you go bankrupt and once you’ve been discharged from bankruptcy, but it will be a basic bank account. During bankruptcy, your current bank is very unlikely to allow you to keep your account if you have an overdraft or other debts with them.

Is it good or bad to go bankrupt?

Bankruptcy is a very serious step, given almost everything you own will be taken from you, so it’s not something to do lightly. “It may free you of debt, but bankruptcy isn’t the right option for everyone,” says Lorraine Charlton, a debt expert at Citizens Advice.

Do you have to give up everything in bankruptcy?

No one gives up everything own in bankruptcy. You can save (exempt) items you’ll need to work and live using bankruptcy exemptions. A Chapter 7 debtor gives up nonexempt property—the trustee liquidates unprotected property for creditors—but not a Chapter 13 filer.

What happens to you when you file for bankruptcy?

For some people, filing for bankruptcy can be a relief. That’s because as soon as you’re declared bankrupt, people you owe money to have to stop contacting you. No texts or phone calls, no bailiffs at the door.

Can a person ask a court to make you bankrupt?

Creditors – the people or organisations you owe money to – can also ask a court to make you bankrupt, even if you don’t want them to. That’s only if you owe them at least £5,000 though. Bankruptcy is a very serious step, given almost everything you own will be taken from you, so it’s not something to do lightly.