KNOW WHO YOU OWE

Bankruptcy attorneys see people from all cross-sections of our population.  Most people have a good understanding of their financial obligations and know who they owe.  Others bring in grocery store bags and boxes full of bills they have collected for months and, in some cases, years.

It is very important to identify all of your creditors when you file a Chapter 7 or Chapter 13 bankruptcy.  The Bankruptcy Code requires that you list all of your creditors, even those you want to pay in the future.  You must also make a good-faith effort to list the amount owed to the creditor.

There are two excellent sources for discovering who you owe.  The first is the US Postal Service.  Creditors and collection agencies are very good at sending monthly bills when you owe them money.  Collect your mail for a month and you will have a good start on listing your creditors.

The second excellent source for creditor information is your credit report.  There are three main consumer credit reporting agencies:

EQUIFAX

http://www.equifax.com/

800-685-1111

P.O. Box 740241

Atlanta, GA 30374-0241

EXPERIAN

http://www.experian.com/

888-397-3742

P.O. Box 2104

Allen, TX 75013

TRANS UNION

http://www.tuc.com/

800-916-8800

P.O. Box 2000

Chester, PA 19022

Obtaining a copy of your credit report is a very good step in making a good-faith effort to identify all of your creditors.  However, it is important not to rely exclusively on the information contained in the credit reports.  Not all creditors report to the credit reporting agencies.  Additionally, the information contained in your reports may be inaccurate, outdated, or incomplete. 

If you are considering a Chapter 7 or Chapter 13 bankruptcy filing, get a free copy of your credit report and seek legal assistance.  You and your bankruptcy attorney can review your credit report and assess you financial situation.  While bankruptcy isn't the answer to all financial problems, it can provide powerful relief to people who are buried in debt.