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COMPLETING A BANKRUPTCY QUESTIONNAIRE
Bankruptcy Questionnaire
The bankruptcy schedules that your attorney will prepare for you are based upon the information you provide. All information you furnish your attorney regarding your creditors must be complete and accurate. It is your responsibility to assure the accuracy of that information when you deliver the completed Questionnaire to your bankruptcy attorney. Creditors who do not receive notice of your bankruptcy due to incorrect address or account number information may not be discharged and they may still come after you for the money.
Collection Agencies
If a creditor has turned your debt over to a collection agency or an attorney, list both the creditor’s information and the collection agency or creditor’s attorney information as well.
List All Creditors
You are required to list all creditors, including your mortgage company and auto loan or lease company. You may not pick and choose the creditors to list on your bankruptcy schedules. However, you may reaffirm debts of certain creditors.
Credit Report
If you don’t know all of your creditors, you need to obtain a credit report from a credit reporting agency. If you have recently been denied credit, you are entitled to a free credit report from the reporting agency. Instructions for obtaining this report should be on the credit denial letter you received. You can obtain your credit report from Equifax online at http://www.equifax.com, by mail at Equifax Credit Information Services, Inc., PO Box 740241, Atlanta, GA 30374, or by telephone at 1-800-685-1111. You can obtain a copy of your credit report from TransUnion online at http://www.transunion.com, or mail at TransUnion, LLC, Consumer Disclosure Center, PO Box 1000, Chester, PA 19022, or by telephone at 1-800-888-4213. TransUnion accepts telephone requests only if you have been denied credit within the last 60 days and TransUnion was the reporting agency. Your attorney will order a more complete credit report for an additional fee.
Bankruptcy Snapshot
Bankruptcy takes a snapshot of your financial situation on the date your case is filed. Because you are never sure of the exact filing date you will always have to provide your best estimate of items such as credit card balances, cash on hand, and checking or savings account balances.
Contingent And Disputed Liabilities
Make certain to provide your attorney information about all liabilities, no matter how remote. List any claim that anyone might have against you even if the claim has not matured yet. If you are a co-debtor on a note, have personally guaranteed a corporate or other debt, or are secondarily liable on a mortgage that has been assumed by a purchaser, the debt should be listed along with a brief explanation of the liability. Disputed debts and liabilities should also be listed. If you have ever had a home mortgage that was insured by a governmental agency (such as the VA), be sure to list that agency as a contingent creditor. This should be done even where someone purchased the property and assumed the mortgage, since they might yet default and the VA could decide to pursue a claim against you.
Secured and Unsecured Debts
The bankruptcy petition asks you to list secured debts separately from unsecured debts. Unsecured debts include personal loans and credit cards issued by banks, such as Visa and MasterCard credit cards used to purchase expendable items. Secured debts include those debts where the creditor has a security interest in your property such as a mortgage, car loan, loans from finance companies (usually secured by household items), furniture, computers or electronics. If you purchased goods using a store credit card, such as a card from Circuit City, Best Buy, etc., the store probably has a security interest in certain items purchased, which makes the store a secured creditor. If you purchased consumables on a credit card (clothing, linens, small appliances, food, medicines, etc.) the debt is unsecured. Secured debts will be paid through your Chapter 13 Plan unless you surrender the secured asset. You must provide your bankruptcy attorney complete information about your secured debts including each creditor's name and address, the approximate date the loan was incurred or the date the credit card account was opened, the approximate amount owed, the account number, any co-debtors (anyone other than yourself, or yourself and spouse if filing jointly), the purpose of the loan, and whose responsibility (self, husband, wife, or joint). It is also important to indicate whether or not you want to reaffirm each secured debt. In a Chapter 13, you have the option to surrender collateral (such as a house or car) securing a secured loan.
Contact a Chapter 13 Attorney at Dominguez & Associates, P.A.
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