What information is included in the letter to creditors?

[onthefence]

Does anyone know what information is included in the letter to your creditors? Just info pertinent to your account with them, all of your debts, your bk filing?

The reason I ask is that we borrowed money from a friend (I know, I know, one of the worst things to do - again hindsight). It is a fairly substantial amount (16k). We have not paid any back yet, as our circumstances could not support it, and let's face it, he is wealthy and doesn't really need it back - not that we don't intent to pay him back - we do.

I assume that he will get some kind of letter from the court since he is listed for the amount we borrowed from him - I was way to chicken not to include it - we borrowed it in March 2009 - and was scared if asked for other bank statements it would show up, etc., so we just included it.

Now we need to let him know to expect a letter, but I am wondering what exactly will be in it? I am hoping that it is creditor specific, since I don't really want him to know our precise financial picture - I really don't need a lecture from someone who never needs to worry about money again!

I have a message in to my attorney, but any thoughts from you all - I am feeling my anxiety go up again!!!

[onthefence]

I just heard back from my attorney - apparently it is a pretty generic letter stating that we have filed for bankruptcy and gives the date of our 341 and last date for objections. Our SSN's are in it but that is about it. What a relief!!

[ccsjoe]

It also includes a list of all the creditors whom the letter was sent to and what address, in addition to advising them they may have rights and/or claims against you and may want to consult legal counsel and appear at the 341. Generic, but for someone who is not familiar with bk, can be ....overpoweringly legalistic....if you know what I mean. I would call your friend and let him know prior to him getting the letter; he might think you're trying to pull a fast one, discharge him, and he may want to show up at the 341 and object or at least throw a wrench into your process.

[onthefence]

Thank joe. I am planning on calling him today, but was wondering what the letter would include - I don't want it to catch him off guard. I don't think he will want to object (he lives in CA), and of course I will let him know that we intend to pay him after all of this is done and our overall situation improves.

Does anyone ever feel a moment of calm during this process? I haven't yet!!!

[ccsjoe]

You will feel the calm soon enough. After you make the call and get your 341 date and start waiting. Then you'll start stressing again when you're getting close to the 341. I saw when my trustee was going to be in action and went to see him do his thing for a couple hours last Wednesday. I am calm again...lol

[tyson24]

Onthefence, (or off)

Were you ever asked for other bank statements?

[onthefence]

Onthefence, (or off)

Were you ever asked for other bank statements?

I was told to bring bank statements from all accounts (including kids savings) that showed the balance on the day we filed to our 341 meeting (told by our attorney). We only filed this last Tuesday, but haven't heard anything else, at least yet!

[Flamingo]

Note - since your friend will be listed as a creditor in your BK, he/she will receive all the paperwork as to your filing and be able to view that information in the public records. All the information to do that will be provided to him/her as a creditor. What's best in a situation such as this is to personally talkk to your friend and advise what is going on...when the funds are discharged in a BK you are under no obligation to pay them back to him/her. How you handle all this could be the difference between an ongoing friendship or blowing it right out of the water. Discuss thoroughly with your attorney and if a good, long-term friend, discuss your situation/feelings thoroughly with your friend. Best of luck to you...

[justdidit]

It's a very generic notice. Gives the debtors name, info, their attorney, case number, trustee's information, creditors rights to object, and some dates (341, discharge, etc.) and deadlines. There is no information about amount and who the other creditors are or any of that information.

I just received a letter from another district as I am supposedly a creditor to my ex's CH7 filing; so just going off the information I see on it.

[onthefence]

Thanks Flamingo -

We have discussed with our friend - he is a long time friend and will continue to be - understands our situation.

Justdidit-

Thanks, makes me feel better to have someone listed as a "creditor" weigh in as to what they received. I feel much better!

[AngelinaCat]

It is a standard form titled: "Suggestion of Bankruptcy", and as the others have said, is pretty generic, but goes to all of your creditors. We had borrowed money from a son-in-law, so we had to talk with him and explain what was going on.