When you are up to your eyes in debt and not able to keep up, sometimes it’s hard to even remember who all your debtors are, especially if you have been turned over to collections and the debt now belongs to another company. As you are filing your bankruptcy, keeping all the details straight can be next to impossible. That’s where I come in. As an experienced attorney, I can ensure that no information is missing from your paperwork. This is very important when listing your creditors on your “creditor mailing list” or “mailing matrix”. This is the form where you will list all your creditors who will be included on your case. I will double check this list and compare it to your credit reports to make sure we have not missed anyone.
What if I Miss Someone?
If you’re filing a Chapter 7 bankruptcy, you are most likely considered to have “no assets,” meaning you don’t have any non-exempt property that could be sold to repay the debt. If you miss a creditor, they will have a hard time collecting any funds from you even if they are not included in the bankruptcy. However, if you do not include them, they can try to collect the debt once the bankruptcy is concluded. If you have secured debts, the creditor could move forward with a repossession or foreclosure.
If you do have some assets, each creditor needs to be notified so they have the opportunity to collect payments. Each creditor has the option of filing a “proof of claim” to receive payments. If you forget a creditor, as mentioned above, they can attempt to collect the debt after the bankruptcy. In this case, they could even collect your non-exempt assets, so it is imperative that you don’t forget anyone.
If you file a Chapter 13, all of your debts and income are taken into consideration when creating your repayment plan. If you forget a creditor, that debt is not included in your repayment plan. What that means is, you could spend the next 3-5 years making payments, only to find out that you still have to pay back the entire debt that you forgot.
Each of my clients are unique. Each of their cases are unique as well. I pay careful attention to every detail of the case to make sure no errors are made and that everything has been listed. I provide all the paperwork you need to list all possible types of debts, assets, income, and property to give the best overview of your financial situation. If, at the end of the day, you are made aware that a creditor has in fact been omitted, we will file a document with the court to explain what was forgotten and why. We will also explain how including this creditor in your case affects the overall outcome. If we need to, I will file an amendment to your case at that time as well. With my years of experience, you can be confident that I have the wisdom to guide you through the process properly and professionally.