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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.

By |Published On: June 28th, 2022|Last Updated: July 28th, 2022|

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About the Author: Diane Drain

Diane L. Drain - Bankruptcy LawyerDiane 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.

*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*

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You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.

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