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Information sent to creditor

What information is sent to each creditor. Do they see how much each creditor is owed and do they consult with each other.

Posted from: Ontario

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One Response to “Information sent to creditor”

A licensed trustee said...

Each crediotr receives the same package – it includes the offical notice that you filed bankruptcy (or a proposal), a document called the Statement of Affairs, a copy of your monthly budget and the forms necessary to prove that you owed them money.

The Statement of Affairs consists of 3 parts – your assets (the things you own), your liabilities (the people you owe) and then general information (your name, address, employer, etc).

As a rule creditors don’t communicate with each other very much, BUT in the last few years companies that process bankruptcies (and proposals) for creditors have gotten larger and larger to the point that they often represent 4 or 5 creditors in a bankruptcy. In these cases they can/do share infomration since one person processes all of the paperwork.