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Colorado Springs Bankruptcy ABC’s: “U” is for Unlisted Creditors

As a Colorado Springs Bankruptcy Attorney, it’s not uncommon for clients to call me in a panic after their case has been filed because they forgot to list a creditor.  Usually it’s no big deal.

Here’s why: the vast majority of cases are “no asset” cases. That means that the trustee has been unable to get anything from the debtor in order to provide a payment to the creditors. If that’s the case, then under In re Padilla, the creditor who was not listed in the debtor’s paperwork is still out of luck. Their debt will be discharged just as if it had been listed.

In essence the court in Padilla held that it was a “no harm-no foul” situation. Even if the creditor had been listed, it was not going to receive a payment. Therefore it has not been harmed by its failure to be listed.

If, however the trustee opens an “asset” case, then it is important for the debtor, or his or her attorney, to make sure that that unlisted creditor gets added to the paperwork. Otherwise, the debt will not be discharged and the debtor will have to pay it.

Of course, in a chapter 13 case, where creditors will be receiving payments from the chapter 13 trustee, it is extremely important that all creditors be listed. That’s because if they are not listed, they will not receive notice of the chapter 13 case and will be unable to submit a proof of claim and receive even a partial payment on the debt that they are owed.

Ultimately it’s important for debtors to do their absolute best to list all of their creditors. They will be signing statements under penalty of perjury stating that they did list all of their debts and all of their creditors. Even though occasionally people make mistakes and inadvertently omit a creditor, I always advise my clients to do their absolute best to make sure that all of the creditors are listed.

photo by: Leo Reynolds

Colorado Springs Bankruptcy ABC’s: “T” is for “Tools of the Trade”

Today I’ll be writing about “Tools of the Trade” and how, under Colorado law, you get to keep them, even if you file for bankruptcy.
As a Colorado Springs Bankruptcy Lawyer, I often meet with people who are worried if they file for bankruptcy, they’ll lose their car, their house or other things that they own. …

Colorado Springs Bankruptcy ABC’s: “S” is for “Student Loans”

Continuing on the Colorado Springs Bankruptcy ABC’s, we are now up to letter “S” for Student Loans.
As a Colorado Springs Bankruptcy Lawyer, I regularly receive phone calls and emails from people who want to know if their student loans can be discharged in a Chapter 7 bankruptcy case.  Often they will have done some preliminary …

Colorado Springs Bankruptcy ABC’s: “R” is for “Repossession”

R is for Repossession.
In my practice as a Colorado Springs Bankruptcy Lawyer, it’s not unusual for my clients to either have had vehicles repossessed or to be facing the prospect of an imminent repossession.
The Bankruptcy Code provides remedies in both situations.
First:  If the vehicle has already been repossessed and sold by the creditor, you’ll end …

Colorado Springs Bankruptcy ABC’s: “Q” is for “Qualifying”

One of the most frequent questions I get as a Colorado Springs Bankruptcy Lawyer is “Will I qualify to file for bankruptcy?”
Most of the confusion regarding who qualifies and who doesn’t is based on the so-called “reform” of the Bankruptcy Code back in 2005.  People come to my office, or call me on the phone, figuring that …

Colorado Springs Bankruptcy ABC’s: “P” is for “Preferences”

Today I’ll discuss the subject of “Preferences” and how, if you’re not careful, they can cause you and your family members great distress.
In my practice as a Colorado Springs Bankruptcy Attorney, it’s not uncommon for my clients to owe family members money they’ve borrowed in order to try and make ends meet.  And, as long as they …

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SpringsBankruptcyLaw.com is provided as a public service by Bob Doig, a bankruptcy lawyer in Colorado Springs, Colorado. If you want to discuss a specific issue, ask a question, or even complain about something, please don't hesitate to contact me:

Bob Doig
Robert J. Doig, Attorney at Law
2985 Broadmoor Valley Road
Colorado Springs, CO 80906
719 227-8787 Office
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