Depending on whether your filing included assets or not, and whether the debt is secured or unsecured, this may be a minor inconvenience, or it could result in an asset being repossessed. Here are the most common scenarios:
● No-asset filing, unsecured debt: Unsecured creditors have no right to collect after a no-asset discharge.
● No-asset filing, secured debt: Failure to include a secured creditor means that you have denied the creditor the right to file a claim in your case. The creditor may pursue foreclosure, repossession, or other legal action to collect the debt.
● Asset filing, unsecured and secured debt: Your creditors have the right to file a claim in your case, recovering some amount of money from the trustee’s sale of your assets. By depriving your creditors of this right, you entitle them to take action to collect.
Talk to a qualified Queens bankruptcy attorney today to find out how to protect yourself if you’ve left off a creditor from your Chapter 7 filing.
Call Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation.