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.
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.