The goal of filing for bankruptcy is to get the debtor out of debt or in bankruptcy we refer to it as discharging (wiping out/eliminating ) debt. The only way a debt can be eliminated in a bankruptcy is if that debt is actually listed on the bankruptcy petition (the document filed with the court). So the following question arises, “how do I find out who I owe money to?” The answer to that question is to run your credit report and review it.
The credit report plays a vital role in the bankruptcy of a debtor because it will provide the names, addresses, account numbers, and balances of MOST if not all the debtor’s debts. If those debts are listed in the bankruptcy petition then the debts will most likely be discharged throughout the bankruptcy. It would be ideal for the debtor to run a credit report that takes information from all three credit bureaus so as to list as much information as possible.
However, a credit report will likely not list all of the debtor’s debts, certain debts like medical bills or payday loans will likely not appear on a credit report. A debtor should provide those documents to their bankruptcy attorney to ensure those debts are discharged in a bankruptcy.
If you are thinking about filing for bankruptcy then one of the first things that you should do is to find an experienced bankruptcy attorney to help you determine whether or not bankruptcy is an option for you. When you see your bankruptcy attorney have him run your credit report and provide you a copy. Review the credit report for inaccuracies as well as omitted creditors, and provide your attorney with any additional information necessary to add all of your creditors.
Shmucher Law, PL is a Florida based law firm with its practice limited to bankruptcy law. We offer free consultations in any of our office locations including Miami and our satellite offices (by appointment only) Boca Raton, Fort Lauderdale, Plantation and Sunrise Florida.