While the need to file for bankruptcy can be in itself demeaning, the very thought of having to stand in court and admit to your financial failures can be devastating. Fortunately, your bankruptcy appearance is probably not as bad as you may be imagining. Once you read the information below, you should be somewhat comforted about your upcoming appearance and ready for the new start that this chapter 7 filing will provide.
The Creditor's Meeting
Your one and likely only bankruptcy appearance is referred to as a creditor's meeting (or 431 meeting, after the code section). Once you have filed your bankruptcy paperwork, you will be notified by mail of this meeting and it is commonly held in a federal building near you. If you are unfamiliar with the city and the parking situation, make sure that you prepare yourself ahead of time and leave yourself plenty of time to arrive at your appointment. Leave your children at home, if at all possible. You will need to bring your Social Security card and government-issued picture identification, and a copy of your bankruptcy filing.
The Meeting Takes Place
You may be surprised to find that you are not alone at this meeting. In most cases, many filers are given the same appointment time as you, and they are all assembled for the same reason that you are. If you have an attorney (and you should), they may be occupied with other clients in the same meeting but will be with you when your name is called. In most cases, names are called alphabetically, so you will have the opportunity to view what happens with other filers.
Your Name is Called
As you will have observed from the other filers, once your name is called you are to rise and be sworn in. Typically, this meeting is administered by the bankruptcy trustee, who may be a judge or not. Most filers get asked the same few questions, and your time is over within a matter of seconds. Expect to be asked some or all of the following:
Is this your signature on the bankruptcy petition, have you read it and do you attest to its truthfulness?
Have you filed for bankruptcy in the past?
Have you filed your taxes for the past year?
Any Creditors Present?
As you may have noted by the name, this is also an opportunity for any creditors to appear and object to anything in the bankruptcy petition, but they seldom appear. If they do, you will have advance warning and be prepared to counter any allegations of misuse of credit cards or other issues.
Contact a law office like Jeffrey S. Arnold, Attorney at Law, P.C. for more information and assistance.
Share26 October 2017
Hello, my name is Neil Gamford. Welcome to my site about bankruptcy proceedings. After my divorce, I was left near penniless and without a place to stay. I was paying all of my income to alimony and my remaining debts. Although I had a solid payment plan in place, it was getting difficult to cover my financial obligations without a home. Luckily, I met with a bankruptcy attorney, who helped me find a way to discharge my debts and start over. I hope to share the information I learned throughout that process with you through this site. Please feel free to visit anytime.
