How is the value of the debts determined when filing for bankruptcy? My estranged husband filed for bankruptcy in the amount of $ 2,000,000.00. I don’t know how he arrived at that dollar amount.
The bankrupt is to record his debt to the best of his recollection.
Creditors submit a proof of claim form to prove the amount they are owed.
The trustee will confirm the proof of claim form to ensure that it accurately represents what those creditors are owed.
Earl Sands, LIT