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Can I include a debt in the bankruptcy plan if it was forgotten before?

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Can I include a debt in the bankruptcy plan if it was forgotten before?

You can include forgotten debts in bankruptcy. Check out how these debts are added after filing the bankruptcy petition:

  1. Chapter 7 Bankruptcy: If your bankruptcy has assets for distribution, you have to file an amended petition to include that debt later on. For that, you have to talk to the attorney who is handling your bankruptcy case.

  2. Chapter 13 Bankruptcy: If you forget to include a debt, bankruptcy schedules will be amended and the repayment plan will be revised. The process will be much easier if you find out the debt before the confirmation of the Chapter 13 plan.

  3. But, if you discover the debt after the plan is confirmed, new court hearings will be held, motions need to be filed, and the process of the trustee plan approval will start again.

Sub: #1 posted on Thu, 03/23/2017 - 21:07

Phil Bradford Phil Bradford

(Posts: 166 | Credits: )

Yes, Phil is right. So, it is better disclose everything to your bankruptcy lawyer prior to filing a bankruptcy.

Sub: #2 posted on Fri, 03/24/2017 - 04:03

Good Nelly Good Nelly
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(Posts: 2800 | Credits: )

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