Are You Prepared for Meeting of Creditors During Bankruptcy?

  • Meeting of Creditors During Bankruptcy

Are You Prepared for Meeting of Creditors During Bankruptcy?

Filing for bankruptcy is followed by a creditors’ meeting also known as 341 meetings. This meeting generally takes place within 30 days of bankruptcy paper filing. The meeting is attended by the bankruptcy filer, their attorney, the bankruptcy trustee and the creditor(s). According to Los Angeles based bankruptcy law firm, during the meeting, the filer is questioned by the bankruptcy trustee about the information provided along with the bankruptcy papers. This includes queries regarding the income, assets, and expenses of the debtor, debts, and creditors listed and other relevant questions including details of any previously filed bankruptcy.

Along with the bankruptcy papers, you are also required to submit documents which serve as a support to your bankruptcy papers. The documents included are:

  • Pay slip or pay stubs to verify your income
  • Recent tax returns
  • Property evaluation
  • Vehicle registration
  • Mortgage and other loan statements
  • Bank account statements
  • Retirement account statements

Can having an experienced bankruptcy attorney by your side help your case?

Though you can file for bankruptcy without a lawyer too, many times people miss out on not just finer details but also hinder their chances of getting their bankruptcy discharged by forgetting important details regarding their financial situation. Having an adept bankruptcy lawyer by your side can help you review all the information prior to filing bankruptcy papers as well as the creditors’ meeting. They can help you prepare for the meeting, including going over the entire information you provided and help with any amendments in the bankruptcy forms prior to the meeting. Other advantages of having a lawyer by your side include:

  • Preparing required paperwork
  • Filing of the documents in bankruptcy court as well as other related legal units
  • Manage your financial information like income, assets, expenses, and debts
  • Take care that all papers related to bankruptcy filing are accurate and thorough
  • Make sure that all local and state laws, as well as procedures, are followed

Your bankruptcy attorney can represent you at the hearing in your place and ensure that your rights are not forfeited and that your losses are reduced. They can represent all the facts related to your case as well as argue on your behalf during the meeting and advise you during the entire duration. In case you are worried about the number of legalities involved in a bankruptcy, you should consult affordable bankruptcy lawyers Los Angeles at 888-297-6023 to clear your doubts.