Not sure how much I owe and to which creditors

[hnhlvr]

Hi All,

I'm meeting with an attorney on Friday to begin the process of filing ch 7. This will be a joint filing w/my husband.

What I am not sure of is how much I owe and to whom (total will be *approx???* 290K if I am not filing on a bill that is past the statue of limitations - see below - and about 312K if including that). Many of our debts have been sold off, but about 1/2 are still with the original creditors and I just got my first summons and have to respond in 19 days from now.

Will my attorney be able to help me figure out all the financial details? I did set up a spreadsheet but still am not confident that the figures are correct. Will he bring up my three credit reports or how is this done?

Also, I just got a bill from one creditor who I had defaulted on over 7 years ago (so long ago that the creditor used my maiden name), and I do include this in my bk, right?

Reason for large amount is due to foreclosure. We owed $125K on our second and $58K of our first was added to our credit report as written off, but listed...

Thanks for help or advice.

[bcohen]

When a debt is past the statute of limitations, that does not mean that you no longer owe the money. It just means that the creditor/collection agency/junk debt buyer is not supposed to sue to collect, and that if they do then you have an affirmative defense. Therefore, since you still owe the debt--even if it's years or even decades old--you should list it in your Chapter 7. Once the debt is discharged in bankruptcy, then you never have to worry about it again!

[lillymarlene]

I filed a 13 last year, but I think for both types of bk you have to include all creditors. Even if you aren't certain if something is too old or not, it would probably be best to include them anyway.

At the second meeting with my attorney, I was given a credit report from a private reporting agency, which listed some of my creditors. Then, later myself, I obtained for no charge, the 3 reports from the 3 major credit bureaus. I looked through old statements. I also had business debts, that I was personally responsible for, and I just had to try and remember.

Then came the hard part. I called ( there must have been about 40 ) over 2 solid days, all my creditors, to ask what their correct address was, and what the current balance was. I tried to be purposefully vague, not telling them I was about to file bk but that, "I hoped I could maybe do something for them in the near future." I didn't want to tip my hand. :-) If they had been turned over to a collection agency, I included both on my list.

I also had 2 lawsuits over past due bills pending against me, and luckily my attorney just had me provide him with the details, and helped me to take care of that too.

Well hope this helps and best of luck to you.

[keepmine]

Pull your own credit reports. You get a free one annually.
List anyone who could conceivably have a claim-even SOL debts. Don't worry about an exact amount. The important thing is list the creditors.

[drowning123]

Keepmine, that would have been my exact advice. That's what I did. Even if you double list, it's fine. The important thing is to get all the names, even the collection agencies, if possible.

[disconapper]

Agree with keepmine and drowing123. I pulled a report before I filed just to make sure everything was included. After getting up off the floor after passing out when I saw my not so good credit score....I was able to properly reconcile all accounts. Best of luck to you hnhlvr!

[sunshinepa]

List every single thing for sure.

Also, talk to attorney about the response to the summons, make sure he understands when it's due. I was in the same situation and managed to get the paperwork filed 1 day before my answer was due, stopped them in their tracks. You attorney should advise you wether it will become a big issue.

Good luck!

[frogger]

A lot of good advice has been given, however do not depend 100% on your credit report for valid and complete information. As much as we hear people moan about credit reports being incorrect, that should enlighten you to the fact that they are incorrect much of the time.

As long as you're filing a no asset chapter 7, everything that can be discharged will be discharged, however it is your best interest to go through your financial records and find everyone and everything that should be listed.

[discouraged]

We went a little overboard on mine as unsure of some that were duplicates, so listed every possible creditor from letters, credit reports, etc. Right before filing I also received notice from one that had been bought by a different compnay so listed both, just to be sure.

[tobee43]

we did the same as discouraged...we listed everyone and their mother and their mother's mother and then some.

for those accounts which we could NOT exact figures we either put unknown. although our atty said just to put $1..... NOOOOOOOO!!! i opted for the "unknown" in the amount column. however, just a suggestion. you may have to do a bit of research, what is more important that the actual amount of the debt is the CORRECT address and account numbers. creditors have a legal right to be "properly" notified, so you want to make your best effort in tracking down the address of those creditors and the account numbers.

just an added note. AMX listed ONE account 5 times on our credit report...and i listed it FIVE times on the petition, i was asked by the trustee about it. i then explained that AMX listed it under both our names together, they separately, then in just one of our names using a middle name. i didn't want to take any chances and listed them ALL!!!

[frogger]

just an added note. AMX listed ONE account 5 times on our credit report...and i listed it FIVE times on the petition, i was asked by the trustee about it. i then explained that AMX listed it under both our names together, they separately, then in just one of our names using a middle name. i didn't want to take any chances and listed them ALL!!!

Exactly correct. List everyone, everything, everybody, the kitchen sink, and the neighbors dog. Those that you list just to be sure should be listed "for notification purpose".

Let the creditors sort it out. All you need to do is list them.

[tobee43]

Exactly correct. List everyone, everything, everybody, the kitchen sink, and the neighbors dog. Those that you list just to be sure should be listed "for notification purpose".

Let the creditors sort it out. All you need to do is list them.

LOL!! shoot i forgot that darn dog..

[dman]

List everyone you know. Pull your credit report from all three bureaus, make sure EVERY SINGLE ONE that's on your reports is listed on your matrix. Some that are past the SOL may not appear...if you know about them, list them too.

If you're no-asset, you should be fine as long as you do your best to list all your creditors. If you discover a month or two later (or any time after discharge for that matter) that you forgot one, it's not the end of the world. No-asset = automatically discharged. If you purposely leave creditors off for any reason, that's a different story...so don't do that.

[rooster0330]

I just went through and did this for the second time, to make sure I had everyone, but its been 2 years and a lot has been bought and sold.

Just so I understand this, if I am a Chapter 7 no asset, if I mistakenly leave someone off, it is still discharged?

[hnhlvr]

Thanks *so much* everyone. There are some SOL creditors from way back when. lol Scary to think what that will drive the BK amount up to! Plus, I did find some CC co's had sold the debts to more than one collection agency around the same time. It's really confusing so looks like it'll take a month to even try and get all my old debt tracked down. I made a similar mistake in my 20s, but never filed and most of the charges were written off.

As far as the summons goes, my lawyer said I have to do that on my own. He emailed me directions and examples of what others have written. Then he gave me blank copies. His instructions said it's better to deliver in person. Gotta love that the attorney is on the other side of the state (and I'd have to go across a mountain range!). lol He also won't help me because I haven't paid him yet. He said he will take installment payments and will start the proceedings after we pay him!

Oh, and yes, the one report I have is so off...missing addresses & employers.