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Creditors in Bankruptcy

When you file for Chapter 7 bankruptcy, you will be submitting a list of creditors that will be included as a part of the bankruptcy petition. You should not be concerned about how many creditors you need to include in a Chapter 7 bankruptcy. The bankruptcy code does not limit the number of creditors that you are allowed to submit. So, you should add as many creditors as you are aware of to make sure that all of your debts are taken care of. There is also no debt limit in a Chapter 7 filing, meaning that there would be no limit on the amount of debt that you need discharged in unsecured or secured debts.

The list of creditors can be any types of debts including secured and unsecured debts. Auto loans and home loans are the most common secured debts that our clients have. Secured debts (debts that are attached to assets) can be discharged in bankruptcy if you are willing to surrender the asset in the bankruptcy. You will not be forced to give up assets that you have a loan on as long as the asset can be exempted in the bankruptcy. Exemptions are the allowances that you can use to keep assets that you need. A discussion of your assets with the bankruptcy attorney should also review what will be exempted and what will not.

In Riverside, CA, you have many bankruptcy law offices to choose from. There are many solicitations and offerings for discount pricing in bankruptcy, but if you are not being charged a flat fee, a bankruptcy attorney may charge you by the number of creditors on your petition to raise the price to a number that is not what you were expecting compared to the advertised price while a flat fee structure would not charge you according to the number of creditors that you include in the petition. Bankruptcy Law Professionals’ Riverside bankruptcy attorneys do not charge according to the number of creditors you want to include in your petition. We charge a flat fee structure at a low price to allow you to get your bankruptcy filed at our advertised price.

If you would like to schedule an appointment with Bankruptcy Law Professionals, contact us at 855 257-7671.

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