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What are contingent or disputed claims/liabilities?
June 28, 2022
By Diane Drain Attorney & Retired Law Professor
Make sure you tell your lawyer about all of your liabilities, no matter how minor.
Even if you’re confident that claim will never be made against you, make a list of any claims that might be made against you. The debt should be listed and explained in the bankruptcy if you are a co-debtor on a note, have personally guaranteed any debt, or are liable on any mortgage. You must also indicate any bills that you are disputing. This includes any previous responsibilities to any mortgage firms for a repossessed home or even a short sale, as well as any mortgage insurance agencies (such as a VA loan). Include any obligations that someone pledged to pay for you, such as selling your property to someone who agreed to pay you, but the sale was completed without the debt being fully paid off.
By Diane Drain|Published On: June 28th, 2022|Last Updated: July 28th, 2022|
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