In Chapter 7 bankruptcy it is important to include all of your creditors in the schedules. This guarantees that the underlying debt will be discharged from your financial record. Discharge wipes out that debt forever, it cannot be collected on or transferred to anyone else. There are no tax implications as the debt is discharged, not forgiven. Therefore, the creditor cannot write off the debt and send you a 1099C (which would require you to pay taxes).
When I file a Chapter 7 bankruptcy for a client I run a bankruptcy specific credit report. This credit report should catch most of your major debts. However, some things are not reported and some things slip through the cracks. A common example is medical bills. Medical bills rarely are disclosed on credit reports. When you file Chapter 7 bankruptcy you want to make sure that all of your medical debt is discharged. It is important to gather up all medical statements and provide them to your bankruptcy attorney. This may require you to call your medical providers to get any bills or statements. You should also track down any collection notices you may have received from third parties who are collecting on medical debt.
It is likewise important to find any collection notices for any credit cards. While the underlying debt should be discharged in any case, it still will make your life easier if all of the collection agencies are notified when you file bankruptcy.
If you have retained an attorney to follow Chapter 7 bankruptcy, make sure to keep any collection notices in the lead-up to filing. All utility bills are also worth gathering up as they sometimes do not show up on the credit report. If you owe individuals such as old landlords (or even individual people), you should include them as well even though they will probably not be on the credit report.
If you have any doubt whether or not to provide something to your attorney, error on the side of giving them everything. If you have any questions about what can be included in a chapter 7 bankruptcy, call us at 412-414-9366. I would be happy to discuss your situation and set up a free consultation!