Can I choose which of my creditors I want to file bankruptcy on?
While this question is founded on pure myth, it is not too far from what many people believe is the case. Many people seeking a discharge of their debt have payment accounts with their dentist or pediatrician and, not wanting to risk being told they can no longer get treatment without paying up front, want to exclude these types of creditors from their bankruptcy. Similarly, many people hope they can hold out one or two credit cards; the ones with low balances that they have managed to stay current on. The idea is to continue to pay on and use these account in hopes of rebuilding good credit faster.
Unfortunately, when you become a debtor in bankruptcy, the law requires you to report all credit accounts you have. Period. Notice of your bankruptcy will go out to all of your creditors and, assuming there are no hiccups in your case, all of the debt owed your creditors will be discharged.
It cannot be over stated or emphasized enough how important it is for persons seeking a discharge of their debt to fully disclose all of their assets and liabilities and accurately report, describe and value those assets and debts.
Moreover, beyond important, there is a legal obligation to fully disclose and accurately report under penalty of perjury punishable by up to 5 years in prison and a $500,000 fine, or both.
All that having been said, there is nothing under the bankruptcy code that prevents you from picking out any one, two, or all of your dischargeable creditors, and paying them back moving forward. Bankruptcy puts legal protections in place so your creditors can no longer collect a debt against you. There is no prohibition against voluntarily paying them if you so choose.
