As a corollary to the idea that you may have more creditors than you think, prospective bankruptcy filers need to check to see if they have creditors who aren’t sending them a bill every month.
The most likely place to look for these low lying creditors is in the realm of liens filed against the debtor’s property. And the best way to do that is to take a trip, actual or virtual, to the county registry of deeds.
You might find income tax liens from either the state or federal government recorded against your home or other real estate. With tax liens, it is also possible for the IRS to place a lien against your “personal property” — your bank accounts and other “stuff” — so ordering a tax transcript from your bankruptcy attorney may be in order.
Property tax liens can be found through either the registry of deeds or your town tax collector’s office.
Then their are the “judgment” liens, which are essentially debts owed to any person or group who has taken you to court and won (a credit card company, for example). These may often be removed in the bankruptcy process. Sometimes they can be completely stripped off your record, and sometimes only partially, so be sure to ask your attorney about how it works.
When you file for bankruptcy protection, it is important to list all of your creditors! In fact, its required. So don’t forget about those creditors represented by liens, the ones who may not be sending you a monthly bill!
I can give bankruptcy assistance to persons in the Andover / Lawrence area, and to get started all you have to do is call me at 978-975-2608, or click the contact box on this page!
By Doug Beaton