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A lot of people apply for bankruptcy just to get away from a stressful life. Be it the loss of a job, illness, divorce, or anything as such. The thought of going to court after all this stress becomes another tension.
1) Mostly Chapter 7 does not require going to court
Chapter 7 helps free you from your financial tensions, and not add another pressure on you. It is mandatory to appear at the 341 meetings or the meeting of creditors. But in very rare cases does going to a courtroom take place if you apply for chapter 7 bankruptcy.
2) Meeting of Creditors
A bankruptcy trusty asks you questions about your debts, and this is a recorded session. The main objective behind doing this is to confirm, under oath, that everything you have written in your petition is true and complete.
3) Bankruptcy Trustee
The Trustee is the person who is appointed by the court and has the authority and power to check all of your assets and liabilities. A Trustee may also decide what assets are to be sold to repay the creditors. The trustee will also ask you questions regarding your Assets, and make sure and check if everything you disclose is true and according to the petition.
4) Meeting of Creditors
The meeting will be between the Trustee and you most. If you have a good and experienced lawyer, you must make sure that day attend the meeting with you. Also, some, or all of your creditors I attend the meeting, but mostly, none do. This meeting normally lasts 5 to 10 minutes. This meeting is normally scheduled 45 days after you file your case.
The first thing that Trustee asks you to do in this meeting, is to take an oath so that the answers you provide a true. The trustee will ask basic questions such as whether the bankruptcy petition was reviewed by you or not? And whether you have understood whatever is there in the process. They might also ask you to disclose all of your assets and liabilities.
5) Documents to carry and provide before the meeting of creditors
Appearing for the meeting of creditors is important and it is a mandatory process. It is an unwritten rule that says that you will be cooperating with the bankruptcy trustee. The most important thing you need to carry in the meeting of creditors is a photo identity proof of yours, and your social security number and card. Mostly after the case is filed, the bankruptcy Trustee will send the letter with what documents the Trustee would want to review before the meeting. These documents generally include proof of your income for the last 60 days, proof of your home’s value, and other statements.
To ensure that the bankruptcy Trustee passes your petition without any difficulty, you must make sure you hire a good attorney beforehand. A good attorney will prepare you for the meeting of creditors and to have a proper conversation with the bankruptcy trustee. You can also contact Recovery Law Group from Los Angeles & Dallas, TX for the Same. Contact – (888-297-6203).