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sylvanamir · Jul 3, 2011, 07:44 AM

I am holding a promissory note for a person who bought my business. He defaulted on the note and claimed bankruptcy, however, he did not list me or this debt on his bankruptcy. I am in the state of NY, can I still go after him for the debt?

Fr_Chuck · Jul 3, 2011, 11:04 AM

You should consult a local attorney. If the debt to you was not though a corporation but was personal and he went though personal bankruptcy, then he did not property file which could cause issues in he entire filing.
How do you know he filed bankruptcy

sylvanamir · Jul 3, 2011, 11:30 AM

Thank you for your reply. I had an attorney check for me. He did file and he filed personally, his note to me was also a personal note, although he never claimed me. The attorney I spoke with felt that there is no benefit in pursueing this since he can add me to his bankruptcy, I thought if his case is closed he missed his opportunity to claim me.

ScottGem · Jul 3, 2011, 03:09 PM

A bankruptcy can be amended, but the amendment has to be approved by the court.

P.S. when posting a follow-up question or info, please use the Answer options at the bottom of the page rather than the Comments.

AK lawyer · Jul 4, 2011, 05:32 AM

Originally Posted by sylvanamir

... I had an attorney check for me. He did file and he filed personally, his note to me was also a personal note, although he never claimed me. The attorney I spoke with felt that there is no benefit in pursueing this since he can add me to his bankruptcy, I thought if his case is closed he missed his opportunity to claim me.

Unless there were non-exempt assets, or unless there were grounds for denial of a discharge, your attorney is correct (see full text of section 727). Amending the bankruptcy filing would serve no useful purpose. The debt is discharged.

"Except as provided in section 523 of this title, a discharge under subsection (a) of this section discharges the debtor from all debts that arose before the date of the order for relief under this chapter, and any liability on a claim that is determined under section 502 of this title as if such claim had arisen before the commencement of the case, whether or not a proof of claim based on any such debt or liability is filed under section 501 of this title, and whether or not a claim based on any such debt or liability is allowed under section 502 of this title."United States Code: Title 11,727. Discharge | LII / Legal Information Institute