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Friday, May 27, 2011

Can I Dump a Box of Bills and Run, and You'll Make a Bankruptcy Happen by Magic and Telepathy?

That would be a big no.

Back in the old days, I would sometimes accept a client for a "big box bankruptcy", which involved a debtor dropping off a box of demand letters, judgments and bills, and bailing out of the process.

These days, I won't do that, because the consequences of failing to list a creditor are too great; I want my clients to pull their three credit reports, as a safety net, and then to list their creditors and account numbers, and all their assets.

It is a lot of work; about the only thing that would be worse would be a bankruptcy filed with incorrect account numbers, missing creditors or unlisted assets.

Putting it another way, I don't want to file your bankruptcy right now; I want to file it right.

p.s. I recently talked to a nice young man who, when I explained that he would be listing all his debts, exploded "That's b..lsh.t! Some paralegal should just find them somewhere and do it all for me!"

And I explained to him that we'd be happy to do it that way, if there were a perfect, absolutely complete listing of his debts, with zip codes and addresses and account numbers, floating out somewhere in the ether.

But there isn't, so if you want all of your creditors to get notice, and you want the full benefit of your bankruptcy discharge, you'll at least consider pulling three credit reports as a safety net, and getting out your stack of bills, mean letters and lawsuits, and getting your debts listed on our intake system.

But only if you want the debts to go away, of course!

p.s. Yeah, he didn't make the cut to be my client. Nice guy, though! And I wish him well.

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