Yes, you must list every debt that you owe when you file a Chapter 7 bankruptcy case. The law requires that you list all of your debts and all of your assets. As a debtor, you have a duty to provide a full and complete picture of your financial situation. You cannot pick and choose which creditors to list. Your petition is signed under penalty of perjury. Intentionally failing to list a debt can result in criminal charges. While this is rare, it is certainly
Who is the Chapter 7 Trustee?
Every Chapter 7 bankruptcy case has a trustee. In Chapter 7 cases in Alabama, the Chapter 7 trustee is an attorney who serves on a panel. Each member of the panel is assigned cases on a rotational basis. Some divisions rotate trustees on a weekly basis while others rotate based on the number of cases assigned. It is the job of the Chapter 7 trustee to represent the interests of the unsecured creditors. The Chapter 7 trustee does not represent you. You have an attorney
What is a Chapter 7 Bankruptcy Case?
Most people talk about Chapter 7 as a “total liquidation.” People believe that they will lose all their property in exchange for wiping out all their debt. Very few people actually lose any property when they file a Chapter 7 case. In fact, almost 99% of Chapter 7 cases are deemed “no asset” which means that the trustee found no property to sell for the creditors. In making his determination, a trustee has to subtract any money owed on property and a debtor’s exemptions. Next,