While preparing to file for bankruptcy, many people become stressed about listing the exact amounts they owe to each creditor. Worrying about finding the most recent statements, tracking down interest updates, or making sure every balance is accurate to the penny is very normal! However, here’s the good news: the specific amounts you list in your bankruptcy petition do not control the outcome of your case & they don’t have to be perfect. What matters is that you list every creditor you owe—not that the balances are flawless.
Bankruptcy law recognizes that account balances are constantly changing due to interest, fees, payments, and timing. So instead of relying on the numbers in your petition, the court requires creditors themselves to update the correct amounts through a document called a proof of claim (in Chapter 13 cases) or through their own records (in Chapter 7). This means the responsibility is on your creditors, not you, to provide accurate figures owed. Your only obligation is to list the creditor, the nature of the debt, and the best information you have at the time of filing.
It is also completely normal for the amounts in your petition to differ from what your creditors eventually file. Creditors may add interest, adjust balances, or correct previous errors once they receive notice of your case. What is important is that they have been properly listed so they receive notice and have the opportunity to update their records. As long as a debt appears in your schedules—even if the amount is off—the debt is included in the bankruptcy and eligible for discharge.
CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
Trying to chase down exact numbers only delays filing and often causes unnecessary stress. Bankruptcy is designed to give you relief, not create more hurdles. Once your case is filed, creditors are responsible for updating balances, and the trustee relies on those numbers—not the estimates in your initial paperwork. When the time is right, or when you are ready, reach out to Minnesota’s MOST Kind and Helpful bankruptcy law firm by going now to www.lifebacklaw.com. You will be so happy you did.
