Many debtors considering bankruptcy have questions about how to list their bankruptcy debt. For example, do they have to list all of their debts? If they do not, how much debt do they have to list? What if they want to pay off certain debts and discharge other debts?
Recently on our bankruptcy forum a user asked, “How much of my bankruptcy debt do I need to list on my bankruptcy schedules?”
Do I have to list all of my debts if I am filing bankruptcy?
If you file Chapter 7 or Chapter 13 bankruptcy you must list all of your debts on the appropriate bankruptcy schedules, including debts which are secured or which may not be dischargeable. Debts must also be listed even if you plan to voluntarily repay some of the debts following the bankruptcy discharge or reaffirm certain debts, which can allow you to continue to make payments for the debts and keep certain assets.
What if I don’t list a creditor on my bankruptcy schedules?
Some debtors think they can omit certain debts, such as credit card debts, keep making payments for the credit card, and retain the right to use the credit card. Unfortunately, even if you do not owe a balance for a specific credit card it is not unusual for the credit card company to know that you have filed bankruptcy and cancel your card, even without notification from the court.
It is also important to note that any bankruptcy debt omitted from a bankruptcy schedule, if done intentionally, can be considered perjury. It is also likely the debts will not be discharged.
How do I list my bankruptcy debt for my bankruptcy?
Debts are listed on schedules or forms when you file Chapter 7 and Chapter 13 bankruptcy. Schedule E Creditors Holding Unsecured Priority Claims lists priority claims which are either non-dischargeable or will be paid before other creditors. This can include debts for child support and spousal support, contributions to employee benefit plans, and taxes owed to the government.
Schedule F Creditors Holding Unsecured Nonpriority Claims must also be completed. Schedule F lists all unsecured creditors who do not have priority status, including medical bills, utility debts, and credit card debts.
Schedule D, which lists your secured claims, must also be completed. Schedule D includes debts for assets, such as your car and your home, and any creditor who has a tax lien or a judgment lien your property.
What if I left bankruptcy debt off my schedules?
Assuming you did not intend to defraud the court or the creditor, if your bankruptcy has not been completed, you can generally amend your Chapter 7 or Chapter 13 bankruptcy petition to include any bankruptcy debt you unintentionally omitted.
If the bankruptcy has been completed and the bankruptcy debt was discharged in some cases you may be able to re-open your bankruptcy case. In other cases, however, the debts will not be discharged, which means you will continue to be responsible for making payments following the completion of the bankruptcy case.
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