Skip to main content
index page

Should I notify creditors of my intent to file bankruptcy

Submitted by on Thu, 04/19/2007 - 11:32
Posts: 202330
Credits:
[Donate]

:oops: I have suffered a lot of hardships over the past 3 years and my previously impeccable credit has gone down the drain. I no longer have the means to repay any debts that are not essential to living (rent, electricity, food). Due to two pending lawsuits from creditors I have finally faced the fact that bankruptcy is my only way out. I know that I have to get updated statements from all of my creditors and a list of the names and addresses of any collection agencies my debts have been referred to. I do not know if they have to willingly give me this information. I was planning on sending out letters, but I wasn't sure if I should notify them of my intent to file bankruptcy. Is there anything they can do to stop me if they know I plan to file? Also, does anyone know what assets they can take? I have three cars, all more then 10 years old, all of them paid for, none of them worth $1000 individually. I also have some very worn second hand furniture including: a couch, an entertainment center, 2 tvs, a stereo, a kitchen table and chairs, a twin bed, a king bed, two cribs, and three dressers. I also have some childrens toys, some videos, mismatched dishes, old clothing, and books. Thanks for any helpful input.


You should be able to find the info (names,addresses, etc) you need on your credit reports. If you call your creditors and just ask them who owns the debt now, they should tell you. I wouldn't mention that you are planning on filing for bk during that call. Once you have all your info, there is nothing they can do to "stop" you from filing for bk. If they have some sort of legal objection, they can show up to the meeting of creditors and try to get your bk thrown out. But they have to have a valid legal reason for that.

You may want to consult with an attorney about the assets. I know that the furniture and clothes and such are exempt up to a certain dollar amount. I'm not sure about the cars though. I know 1 car up to a certain dollar amount is exempt, but with three that may change things. A lawyer will normally consult with you for free about bk, so that would be the best way to go to get solid info about what you can and can't keep. What chapter you are filing may also play into things.


Submitted by goudah2424 on Thu, 04/19/2007 - 12:22

goudah2424

( Posts: 7935 | Credits: )