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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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A debtor was an real estate investor a while back. He has

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A debtor was an real estate investor a while back. He has several mortgage deficiencies showing up on his credit report from about 8 years ago. There is no indication of a balance for any of these deficiencies, and the debtor does not remember what he owes. The original debts have been sold and passed around several times so that it is difficult to determine who the current creditors are or how to get a hold of them. For these debts, is it o.k. to mark the balance as "unknown" in his Chapter 7 bankruptcy schedules? If "unknown" is marked, is it likely the trustee will grill the debtor at the creditor's meeting?

Hi JACustomer,

It definitely is okay to indicate "unknown" for the amount owed on any debts for which the amount owed is not known. I have done this many times, and the debtors have never been questioned by the trustee - perhaps because it is completely understandable that the balance owed for some debts is just not known.
(Not knowing the amount owed would present a problem for a Chapter 13 - where there is a limit to the amount of debt - but there is no problem for a Chapter 7 where there is no limit.)

I think this is what you wanted to know. If not, please let me know.

Thank you.

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