Do I have to list all my debts in a bankruptcy filing? (2024)

FAQs

Do I have to list all my debts in a bankruptcy filing? ›

If you forget to list a debt in a Chapter 7 bankruptcy case, the Chapter 7 discharge might eliminate it. Most courts, but not all, will discharge an unlisted debt if your creditors didn't receive any money in your case.

You must list all of your debts in your bankruptcy petition without exception.

It is required that a debtor list all of his or her creditors and their most current address in the bankruptcy schedules. If they fail to do so, a judge may not discharge the debt.

You need to list all your assets and debts when you file your bankruptcy. Leaving debts out of your bankruptcy filing will mess up your income and expense calculations. It can also be grounds for criminal charges for bankruptcy fraud. Written by Attorney Paige Hooper.

Listing Credit Card Debts

Bankruptcy law requires you to list all debt on your bankruptcy petition without exception. In other words, if you owe a creditor money, the creditor must appear on your petition. Learn more about information you must include in your bankruptcy papers.

According to the U.S. bankruptcy code, there is no specific minimum dollar amount of debt owed that would make them eligible for filing bankruptcy. This means that no matter how much you owe, you can file for Chapter 7 bankruptcy. A key determinant is the size of your income.

An individual cannot file under chapter 13 or any other chapter if, during the preceding 180 days, a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy ...

Judd, in a no-asset Chapter 7 case, debt to an omitted creditor is deemed discharged, and the debtor is not obligated to notify the creditor. The logic is that because there are no eligible funds available for distribution, amending or reopening the bankruptcy case is essentially worthless.

Unfortunately, many don't make it that far and their petition is denied. “Chapter 7 applications get denied more often than people think,” Derek Jacques, of The Mitten Law Firm, in Michigan, said. “In my experience, about 15% don't even get approved.

When the bankruptcy court denies your discharge in a Chapter 7 case, you remain responsible for paying back all your debts. Denial of your Chapter 7 discharge doesn't end the case, though. The Chapter 7 trustee will still gather and liquidate any non-exempt assets; all you lose is your fresh start free of those debts.

Do you have to include all accounts in bankruptcies? ›

The court relies on the debtor to file a complete schedule of assets so the trustee can administer and liquidate the estate as needed. Only assets owned by the debtor at the time of filing are included in the bankruptcy estate and considered for liquidation.

Since a trustee's focus is to review your assets and administer the plan to repay your creditors, yes, he or she will need access to your bank accounts and other financial information.

You cannot keep a credit card with a balance when the bankruptcy is filed. If there is a balance on a credit card when the bankruptcy is filed, it must be listed in the bankruptcy. The reason for this is that all debts must be listed in the bankruptcy.

Do I have to include all my debts? When you file any type of bankruptcy case, you must list all of your debts and all of your assets. In Chapter 13, however, you can often propose a plan that treats debts differently depending on the type of debt.

Judd, in a no-asset Chapter 7 case, debt to an omitted creditor is deemed discharged, and the debtor is not obligated to notify the creditor. The logic is that because there are no eligible funds available for distribution, amending or reopening the bankruptcy case is essentially worthless.

Accounts With Balances Must Be Listed as Creditors

One of the first requirements in any bankruptcy proceeding is that you furnish the court with a list of all your creditors. The list must include all credit cards, including those with no balances.