Often is the case when a proposed debtor is not sure who all the creditors are. Even when credit reports are pulled, since not all debts may be reported, not all creditors may be listed.
Well, the Bankruptcy Code, under Sect. 523(a)(3) provides, among many other things, that a discharge does not 'discharge' an individual debtor from any debt neither listed nor scheduled in time to permit the timely filing of a proof of claim or actual knowledge of the case in time for such timely filing.
What does this mean? The main thing it means, is that if a creditor is not listed in your schedules within the proper time limit, the debt to that creditor will probably not be discharged, so the creditor can again attempt to collect it just as though the bankruptcy case had not been filed.
You are required to list all your debts and creditors. You are not doing yourself a favor by leaving one out.
Contact the office of Lee Norton Bain, Attorney-at-Law to get your bankruptcy questions answered.
