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dkennedy
dkennedy, Attorney
Category: Bankruptcy Law
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Experience:  15+ years experience
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I recently filed chapter 7 bankruptcy (my meeting of creditors

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I recently filed chapter 7 bankruptcy (my meeting of creditors was June 3rd). I'm currently paying a debt for a real estate investing class I took back in August 2011 on auto debit to a finance company, $111 a month. When I filed, I listed this as a monthly business expense loss since I'm not doing any real estate investing. The real estate investing company never reported this to any of the credit bureaus so when I was listing my creditors, I didn't think of this ongoing debt I have. Is it legal for a creditor to not report a debtors debt to the 3 credit reporting agencies? I want to include this debt in my bankruptcy, can I still do so?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  dkennedy replied 1 year ago.

Hello, Reporting debt to the 3 main credit reporting agencies is just a voluntary business decision. Lots of people owe debts that are not on the credit report. You can, I am assuming still add it on to your schedules and amend the matrix sent out. Do it right away, however. Your trustee may schedule another meeting of creditors. But, it probably will be discharged anyway. Just to be sure amend your schedules immediately.

Customer: replied 1 year ago.

Hi Mr. Kennedy,


 


Two credit cards that were on my credit reports I left out of my bankruptcy because I wanted to keep them. They were automatically closed and I can't use them anymore. Why was this real estate investing class debt not automatically closed like the credit cards? neither was included in my bankruptcy.


 


Thanks in advance

Expert:  dkennedy replied 1 year ago.

Somehow the credit card companies must have been notified of the bankruptcy. If you wrote them down, they were included, even if you continued to pay the payments and they would close your account. I don't know how they would know, if you didn't put them on the schedules. However, you should always put all your debts on the bankruptcy and re-affirm the ones you want to keep paying. Amend your schedules if you now want to get rid of the other debt for sure.

Customer: replied 1 year ago.

Why do you think the real estate investing class debt was not wiped away? Are finance companies not notified when one of their clients files bankruptcy? Could it be that student loans are not included in chapter 7's? I don't want to go through the trouble of amending my schedules for a $2,500 debt if it is exempt like my student loans.

Customer: replied 1 year ago.

I'm waiting for an answer to my latest question submitted last night.

Expert:  dkennedy replied 1 year ago.
The only companies that are notified are the ones you list on your schedules. If you deliberately, or accidentally did not list the debt, no finance company will know about it because those on the list are the only ones that get notified. It does not sound like an exempt debt to me. Exempt are student loans, alimony, taxes, and a few other things only.
Customer: replied 1 year ago.

I didn't list a Lowe's credit card nor a Goodyear credit card on my schedules because I wanted to keep them, but those companies found out about my bankruptcy and closed the accounts? Because the debt I'm concerned about was a class, could it be categorized as a student loan?

Expert:  dkennedy replied 1 year ago.
No, it definitely would not be a student loan.
dkennedy, Attorney
Category: Bankruptcy Law
Satisfied Customers: 6009
Experience: 15+ years experience
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