What should I do initially now that a bankruptcy has been filed?
June 28, 2022
By Diane Drain Attorney & Retired Law Professor
Your name and debt have been added to the list. This should be done at the Bankruptcy Court where the case was originally filed. A creditor should review the debtor’s schedules to determine whether the creditor’s claim (what the creditor owes) was properly designated as secured or unsecured and listed in the correct amount. It’s also important to note whether the debtor disputes the claim or labels it as unliquidated or contingent. If a claim isn’t listed on the debtor’s schedules, the creditor should consult an expert creditor attorney right away. The creditor will probably be instructed that he or she must file a proof of claim before the court deadline, or the claim will be denied, and the creditor will not get any monies if a distribution is to be made.
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
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