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The Importance of Schedule F

David Siegel

Schedule F is the schedule whereby a debtor lists all of his unsecured creditors. This can be anything from a credit card obligation to a medical bill to just about anything in between. Bankruptcy Court. Such notices include the commencement of the filing of the case, a notice if there are assets to be administered, notice of discharge if the case completes as well as several other possible notices.

From the debtor’s standpoint, he wants all of his
Michael Kors handbags creditors to be properly listed. He wants the creditors to update their records so that he does not continue to be billed. Additionally, he wants all collection companies
cheap Michael Kors handbags outlet to be listed as well. Often, the creditors will farm out their collections to independent collection firms. They often transfer the debts back and forth among several collection companies. By properly
Cheap Michael Kors handbags listed all of a creditor’s collection companies, there is a greater chance that the collection process will cease once the bankruptcy notice is submitted by the clerk.

Importantly, in some jurisdictions throughout the country, creditors who were not properly listed may have the right to collect on the debt.
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Michael Kors handbags outlet This is not the case in
cheap Michael Kors handbags outlet the Northern District of Illinois. The judges in that district have adopted the case of In Re Mendiola. The Mendiola case basically states that
Michael kors handbags outlet a debt is eliminated, despite not being listed, if it was a debt that could have been eliminated and the creditor would not have had a basis to file an objection. Mendiola was attempting to reopen his Chapter 7 bankruptcy case to add a missing creditor. The Court advised that this practice was not necessary as long as it was a debt of the type listed above. It is still unclear whether or not Mendiola will survive an attempt by a creditor post bankruptcy reform. To date, however, Mendiola is still the generally accepted rule.

Thus, a debtor should take his time and pay careful attention to the creditors listed
cheap michael kors on Schedule F. The debtor should be as thorough as possible to insure that his attorney can properly complete the schedule. This includes the account number, date of service, and approximate dollar amount of what is owed. This will also make it easier for the Chapter 7 trustee to understand the nature of the debtor’s debt.Articles Connexes:

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