Bankruptcy is all about disclosure. When filing a bankruptcy case, you have to disclose all assets, all property transfers over a period of time, and you have to list all debts you owe in the petition. There are a couple reasons why this is important, and I will lay these out below.
Bankruptcy is all about disclosure. When filing a bankruptcy case, you have to disclose all assets, all property transfers over a period of time, and you have to list all debts you owe in the petition. There are a couple reasons why this is important, and I will lay these out below.
Firstly, you sign your bankruptcy schedules under penalty of perjury, confirming that all creditors are listed, whether discharge or not, so we can’t omit creditors from a case on purpose. Oftentimes, even if you do not list a credit card in a bankruptcy case, creditors have their own electronic systems that scan for bankruptcy filings and will likely close your account regardless.
Secondly, as your legal team, we want to make sure that we list all creditors to ensure they stop collecting on you or reaching out to you for debt we can discharge. If there are any creditors missing at the time of filing, we can add them in afterwards, but a major benefit of filing bankruptcy is the peace of mind you get from your creditors finally backing off. The more people we can include under this umbrella, the better!
Here at LifeBack Law Firm, we make the process as easy as possible for our clients. We can pull your credit report to ensure that anything on there will be listed in your petition. Some creditors won’t pull, such as medical debts, some collection agencies, and tax debts, so we may need some documentation from you on this. For the majority of creditors, though, it’s as simple as pulling the credit report and making sure all of your creditors receive notice.
CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
Whenever you are ready to take your life back from debt and collection calls, reach out to Minnesota’s kindest and most helpful bankruptcy law firm at www.lifebacklaw.com. You will be so happy you did!
