Making a List, Checking it Twice: Listing Your Debts

August 31, 2012

When you begin preparing your bankruptcy paperwork that will be filed in your bankruptcy case, it is very important that you list all of your debts.  You need a complete name and address for every creditor that you owe money to. Believe it or not, this is a lot more difficult than you might think. Making a list of your debts, along with an address for each of those creditors, is very important.  You may have lost or thrown those bills and letters away, especially when you cannot afford to pay those debts.  Statements are misplaced and when it comes time to list each debt for your bankruptcy schedules, you might have trouble listing all of those creditors because you tried to forget the fact that you did not have enough money to pay that bill.  Even if you believe that you do not owe the debt, include all debts in your bankruptcy schedules so that you are discharged from the debts you dispute and the debts that you know that you owe.

Ask your Attorney to Pull a Credit Report

When you meet with your bankruptcy attorney, make sure that all creditors that have placed derogatory remarks on your credit reports are on your bankruptcy schedules.  Most bankruptcy attorneys use a software program that places all creditors who have placed derogatory remarks on their clients’ credit bureaus on the bankruptcy schedules. If your lawyer does not offer that service, make sure that you pull your credit reports, and your spouses credit reports, with the three major credit reporting agencies and make sure those creditors are on your bankruptcy schedules.

Gather Statements

There are times when your credit report does not reflect all of the creditors that you owe money to.  This is especially true for new accounts, medical bills or accounts that have been transferred to a third-party collection agency. Therefore, gather all statements and documents received in the mail from your creditors and make sure all creditors that you owe money to are on your bankruptcy schedules.

Include all creditors

Making sure that all of your creditors are on your bankruptcy schedules is vitally important to make sure that you are discharged from all of your debts.  This is one of the most important aspects in order for you to get a complete fresh start with your financial future.

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