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What happens if you forgot to list a debt in bankruptcy?

If you need to seek bankruptcy, the chances are that you're struggling with overwhelming debt or a lack of income. It's possible to get the majority of the debt discharged in most cases. For example, if your debts are all medical or on credit cards, there's a high likelihood that you can have it discharged through a Chapter 7 bankruptcy. If you earn too much for Chapter 7, you can opt to go through Chapter 13 bankruptcy instead and make monthly payments to satisfy lenders.

One good question about bankruptcy is what to do if not all of your accounts were included in the bankruptcy. For example, you may have listed seven accounts that were overdue, but the reality was that there were nine. The fact is that your attorney should pull your credit report to double-check that you have all the accounts listed. If you don't, or if the accounts show up later, you won't necessarily be out of luck, though.

In some states, it's possible to have debts eliminated even if they weren't listed on your schedule of debts at the time. Keep in mind that some debt collectors also lie. It's a sad reality, but there are debt collectors who know that the debt was discharged but will still act as if it wasn't and needs to be paid. Don't fall for that trick; if you have questions about what you owe, you should discuss the collection call with your attorney.

Bankruptcies can be complex, but the right help from the start makes a difference in preventing unexpected hiccups.

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The Law Offices of W. Robert Montgomery
13701 West Jewell Avenue, Suite 290
Lakewood, CO 80228

Toll Free: 888-559-9805
Phone: 720-496-1338
Fax: 303-985-5303
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