On schedule F it asks if the clain is subject to set off? What do they mean? I listed the date like it asks but am kinda baffled by this?
-
-
Right of setoff is something that may be allowed by your underlying agreement with the creditor. For example, almost all utility companies enjoy a statutory "right of setoff" for deposits. So if you file against a utility company for say $500, and you have $600 in deposits, then they can setoff the $500 with the $600 deposit.
Generally, you would put nothing on Schedule F for setoffs unless you're sure about it. To me, this usually means you don't need to worry about it.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
Bankruptcy Wizard
Comment