Creditors Claims In Bankruptcy

: Reese Baker & Associates

  Filed under: Bankruptcy Information

KONICA MINOLTA DIGITAL CAMERA

KONICA MINOLTA DIGITAL CAMERA

You no doubt are pretty well aware of what your debt obligations are and how much money you owe. Most often when individuals are running into financial difficulty they are at risk of losing some of their assets. Many times they have not been able to make their mortgage payments and find that they are in arrears and fear foreclosure.

When you enter into a bankruptcy your creditors are notified of this and they have the right to be able to attend your bankruptcy proceedings through a creditors meeting. What is critically important is that you make sure that all of the information being presented by your creditors is totally accurate. You have to be cautious when it comes to your mortgage creditors. In the past it has been indicated that mortgage servicers are not complying with the rules under the bankruptcy law.

There can be various discrepancies concerning your mortgage. When a mortgage company is making a claim against you in a bankruptcy they are required to produce various pieces of documentation. Often this may go unnoticed where certain documents are not being presented.

Your mortgage will also include fees and charges and will be making up a part of the claim against you. These may not be accurate or reasonable and you definitely have to pay attention to them. It has to be remembered that mortgage providers have got to comply with the consumer protection laws. If the claim against you is not accurate it could end up that you would lose your home.

Being astute as to what is being factual by your creditors doesn’t just concern mortgage lenders but all of your creditors as well. This is just another reason why you want to use a qualified bankruptcy attorney who is going to stay on top of this.