bankruptcy payment plan
My husband wld like to file for bankruptcy and make plans to pay one of his creditors by installment.?
He is not earning much and I believe he might be able to service only this particular creditor. Can other creditors request for installment payment too? Will other creditors get to know that he is filing for bankruptcy and demand payment as well?
There seems to be some misunderstandings on Bankruptcy. First when you file Bankruptcy you MUST include all of your assets and debts. So he can not just include certain creditors and leave others out. There are also two means tests that must be passed in order to file a Chapter 7(liquidation). If those are failed he would be forced into a Chapter 13(known as a wage earners or repayment bankruptcy).
If he is only having trouble with one creditor it may be better to try and work it out with them individually. Depending on the type of debt he may want to look into credit counseling. These companies can negotiate with most creditors to interest rate and payments. You should take a look at the National Foundation for Credit Counselors at http://www.nfcc.org.
The other item you need to look at is how will BK effect you if he files on his own. If you think BK may be an option you need to talk to a couple of BK attornies in your area. They can go over your specific information.
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