After a potential client comes into my office for a free consultation, it isn’t unusual to not hear from them for many months. There are several things that may keep someone from filing bankruptcy right away. As the option of last resort, they may want to wait as long as possible before filing.
But one thing that often slows them down in the filing process is trying to list all of their creditors and exactly how much they owe for fear that they’ll miss a debt and it won’t be included in their bankruptcy. The good news is that we run a credit report that collects information from all three credit bureaus (this is included in the cost of your bankruptcy). That report should have the most up to date balance of your accounts.
In any event, knowing the exact balance of what you to your creditors won’t keep your bankruptcy from being completed and your debts from being eliminated. Although there are limits to how much you can discharge in chapter 13 bankruptcy, there are no limits in chapter 7. For most people, the amount they owe is used for statistical purposes only. If any of your creditors have to be paid (in a chapter 13 or in an “asset case” in chapter 7), the creditors will have to file a proof of claim which will include an amount that you owe.
One of the reasons to hire a bankruptcy attorney is to guide you through the process and make sure that your bankruptcy petition is complete. That is the best way to ensure an uneventful filing. In most cases, you’ll find that the only thing that happens after your case is filed is the meeting of creditors. For most of my clients, it’s just a matter of waiting for the passage of time for the court to enter their discharge order which shows they are no longer legally liable for their debts.
Schedule A Free Consultation With A Bankruptcy Attorney In Denver
If you have questions about the bankruptcy process and what you need to do and what information you’ll have to provide, we hope you’ll come in for a free, no-obligation consultation with an experienced bankruptcy attorney. You’ll leave your consultation with a better understanding of the bankruptcy process and will be able to decide if it is a good option for you to get your personal finances under control.
You can schedule your free consultation by calling 303.331.3403 or by using our online scheduling system.