Can I Voluntarily REPAY Creditors After Bankruptcy? Chapter 7 Bankruptcy Basics 2022

TL;DR

After filing for bankruptcy, it is possible to voluntarily pay back specific creditors, although they are unlikely to accept the payment.

Transcript

hey everybody john skiba here from the consumer warrior youtube channel and in this video i'm going to address a question that may sound a little odd from the outset but many people ask me can i voluntarily pay back any of my creditors after i file for bankruptcy but if this is your first time here to my youtube channel please go ahead and click su... Read More

Key Insights

• 😨 Certain debts, like mortgages and car payments, need to be paid even after bankruptcy.
• 💳 Credit card companies and other large creditors are unlikely to accept voluntary repayments after bankruptcy.
• ❤️‍🩹 Bankruptcy discharge orders end the legal obligation to pay certain debts and come with an injunction prohibiting creditors from collecting on them.

Questions & Answers

Q: Can I repay specific creditors after going through bankruptcy?

Yes, you can voluntarily repay family or friends after the bankruptcy case is over, but it is unlikely that creditors, like credit card companies, will accept the payment.

Q: Are there debts that I still need to pay after bankruptcy?

Yes, you are required to continue paying debts such as mortgages, car payments, taxes, and student loans even after filing for bankruptcy.

Q: Can I repay a credit card debt voluntarily after bankruptcy?

While you can try to repay a credit card debt after bankruptcy, the creditor is unlikely to accept it because the debt has been discharged, and collecting on it may go against the court's injunction.

Q: Is it legally obligatory to repay family or friends after bankruptcy?

No, you are not legally obligated to repay family or friends after bankruptcy, but you can choose to do so if you wish.

Summary & Key Takeaways

• Many people wonder if they can repay certain creditors after filing for bankruptcy.

• Bankruptcy requires continuing payments for debts such as mortgages, car loans, taxes, and student loans.

• It is possible to voluntarily repay family or friends after the bankruptcy case is over, but some creditors, like credit card companies, are unlikely to accept the payment.