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Do I Tell My Creditors I Am Going Bankrupt?

By on October 30, 2008
Do I Tell My Creditors I Am Going Bankrupt?

A question I am often asked is if people need to tell their creditors that they are going bankrupt. If you’ve already decided to go bankrupt and you’ve met with a bankruptcy attorney who will handle your case, then there is no harm in telling them, but why?

Once you have made the decision to go bankrupt you can direct all creditor calls to your bankruptcy attorney. They are now your legal representative in this matter.

There are three primary reasons why telling your creditors is of little importance to me.

  1. If your situation and pressure are bad enough, then the immediate brain break from having to deal with your creditors as your case is being filed can be a good thing.
  2. The person who you would tell at the creditor does not give a damn. All they are going to do is make a note of it.
  3. Your creditor will find out soon enough once they receive the notice from the court.

So, bottom line advice, tell them if you want but make sure you instruct them to call your bankruptcy attorney for all further communications about the included account. Rather than worry over the issue, put your feet up for a moment, there is going to be enough hard work ahead to rebuild your financial life.

Source: Do I Tell My Creditors I Am Going Bankrupt?

READ  I'm Just Starting to Become Delinquent With Credit Cards And Going to File Bankruptcy. Should I Tell My Creditors? - Laura

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  1. CYNTHIA

    December 11, 2008 at 10:01 pm

    we had to file bankruptsy about 5 yrs ago, it started out as an chapter 11, then we changed it. THIS WAS MEDICAL BANKRUPTSY. NOW WE ARE IN DEBT AGAIN WITH MEDICAL. HOW LONG DO WE NEED TO WAIT BEFORE WE CAN MAYBE FILE AGAIN, THIS IS NOT WHAT WE WANT TO DO, BUT AS OF NOW WE DONT SEE ANY OTHER WAY OUT. THANK YOU

    • Steve Rhode

      December 11, 2008 at 10:38 pm

      Cynthia,

      You really should speak to a local bankruptcy attorney for specific legal information about filing bankruptcy again. Click here for bankruptcy information.

      Steve

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