The decision to file for bankruptcy can be a very difficult, and emotional decision. We understand that and will try to make the process as painless as possible for you every step of the way. That being said, filing for bankruptcy will take a bit of work. We are going to need a list of all of your creditors. There are two ways to go about this. First, you can simply provide us with a a list. We will need the names, the contact information, the type of debt, the approximate amount of the debt, and the date you incurred the debt. The second option is that we can actually run a credit report on your behalf and obtain a list of your creditors. We certainly recommend this option, however, even with this option you will need to review the list for accuracy and completeness. It is important to list all of your creditors so that they receive notice of the bankruptcy. Failure to list a creditor can have very serious consequences, up to and even including that particular debt not being discharged or your bankruptcy being dismissed without discharge (in the event the court believes you were being fraudulent).

Now, when we say this, we often have people express concern that they may have forgotten a creditor or even that a debt has been sold so many times they don’t know who holds the debt. Rest assured, if a creditor is inadvertently omitted we can add them later if necessary. There may be some fees associated with this, however, the peace of mind is totally worth the minimal fees. There are some instances where you may not need to amend your schedules, including if you are filing what we call a "no asset chapter 7". Basically, if the debt omitted is to an unsecured creditors and there is absolutely no way that creditor is going to get any money we may not need to amend the schedules.

Where it can be more complicated is if you are in a Chapter 13. Of course, whether the debt is unsecured (like a credit card) or secured (like a car) matters. Either way, the creditor should still be added, but here we will have to look at whether your plan payment is still correct or whether it will need to be modified to reflect the added creditor. In some cases there are not any changes at all, but in some there are. This is a very fact specific analysis, so we can’t really say what happens as a general rule.

If you have questions about listing creditors, or amending your already listed creditors, please contact your St. Louis Bankruptcy Attorney today!