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Old 03-22-2020, 09:52 AM   #1
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Default Promissory note not included in the bankruptcy

I have a promissory note from a guy that owes me 5000 dollars.

He declared bankruptcy but never sent me notice and never listed my note in his bankruptcy, which the court concluded about 6 months ago.

Can I collect now?

He says the debt has been eliminated in the bankruptcy but he never included it in the bankruptcy.
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Old 03-22-2020, 10:09 AM   #2
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Default Re: Promissory note not included in the bankruptcy

He may be correct.

Read the following article:

If your note would have been discharged anyway had it been listed, then it may have been discharged in spite of not being listed.

If the $5000 is within your small claims limit, it wouldn't cost you much to file suit and get a court ruling one way or the other.

Or, you can call a local bankruptcy attorney.
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Old 03-24-2020, 02:34 PM   #3
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Default Re: Promissory note not included in the bankruptcy

I wish to inform you that that the unlisted creditor may object to its debt being discharged under certain circumstances. For example, if creditor has reason to believe that the debt was incurred by fraud or false statement, then it may seek to have its debt declared non-dischargeable. There are several other exemptions to discharge that may be asserted by the creditor, but, most importantly, the debt is not excepted from discharge for the sole reason that it was not listed on a bankruptcy petition, if it was a no - asset case. Once the determination is made that the creditor's debt arose prior to filing the Chapter 7 petition, the creditor must be informed that its debt is subject to the discharge.

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Old 03-25-2020, 07:43 AM   #4
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Default Re: Promissory note not included in the bankruptcy

A promissory note or promissory letter is a legally binding document that obligates an individual or organization to pay another individual or organization a certain amount of money in a certain amount of time. While nearly all types of loans are considered a legal promissory note of one type or another, the question of whether or not an actual promissory note put together by individuals is affected during a bankruptcy is often a confusing topic of conversation.

Depending on the type of bankruptcy, the note can be resolved in one of two ways:
Chapter 7 bankruptcy
Chapter 13 bankruptcy

In Chapter 7 bankruptcy, all personal liability for repayment of the promissory note is removed and the individual no longer has a legal obligation to repay the note. In this case, the individual can agree to repay the note after the bankruptcy if the promissory note was between themselves and a friend, but they are not legally bound to do so.

In Chapter 13 bankruptcy, the bankruptcy court consolidates all of the debts into one monthly payment which the court disperses to the proper debtors every month. In this process, the holder of the promissory note will receive repayment for the note but not under the original terms of the legal promissory note itself.

If the original promissory note was for the purchase of an item that acted as security on the note, such as a car or motorcycle, the note holder can repossess the item, even though the bankruptcy removed the personal liability on the original loan. If this is the case, the individual can make arrangements to continue paying for the vehicle outside of the bankruptcy judgment to prevent losing the vehicle to repossession.
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