You may be frightened or you may be scared, but all should be fine if you are well prepared. Filing for a Chapter 7 bankruptcy, or being involved in any legal proceedings, can turn your stomach into knots and keep you up at night. However, once you have made the most difficult decision to file the bankruptcy, the remainder of the proceedings should be easier.
The pre-bankruptcy planning and preparation is key to the ease of the process for the debtor. Consultation with an attorney experienced with bankruptcy law, the process, local judges and trustees will help guide a weary client through an overwhelmingly difficult and stressful financial time.
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Once the bankruptcy case is filed, the judge and trustee are appointed as well as time frames set for creditors to file any objections in the case. The bankruptcy clerk also schedules a hearing at the federal courthouse in your jurisdiction for the trustee to review the petition, schedules and other financial documents as well as providing creditors with an opportunity to appear and briefly question the debtor. This hearing is called the "341 Meeting of Creditors" based upon the corresponding section of the Bankruptcy Code.
Presuming that there are no overriding issues in the bankruptcy no asset case, and based upon bankruptcy experience in the Southern and Middle Districts of Florida, the trustee should cover the following questions during the 341 meeting of creditors.
1. State your name(s), social security number, and current address for the record.
2. Are you aware of the following:
a. the consequences filing bankruptcy may have on your credit history?
b. the ability to file a bankruptcy petition under Chapter 13?
c. the effect of receiving a Chapter 7 discharge of your debts?
d. the effect of reaffirming a debt?
3. Did you sign your petition and schedules you filed with the Court?
4. Did you read your petition and schedules before you signed them?
5. Are you personally familiar with the information contained in your petition and schedules?
6. Is the information contained in your petition and schedules true and correct?
7. Are there any errors or omissions to bring to the Court's attention at this time?
8. Are all of your assets identified on the schedules?
9. Have you listed all of your creditors on the schedules?
10. Have you filed bankruptcy before?
11. Do you own or have any interest whatsoever in any real estate or mobile home? Have you refinanced any real estate recently?
12. Have you transferred, sold or given away any property within the last 12 months?
13. Does anyone hold property belonging to you?
14. Do you have a claim against anyone or any business?
15. Are you entitled to life insurance proceeds or an inheritance as a result of someone's death?
16. Does anyone owe you money?
17. Have you made any payments totaling over $600 to anyone in the last 90 days?
18. Tax return information:
a. have you provided last filed tax return
b. do you expect a tax refund
19. When you filed your petition, did you have the following:
a. any cash on hand?
b. a checking account?
c. a savings account?
d. any US Savings Bonds?
e. any Certificates of Deposit?
f. any stocks?
g. a safe deposit box?
20. Do you own any vehicles? Are the vehicles insured?
21. Have you filed the Statement of Intent concerning retention or surrender of secured property?
22. Have you been self-employed in business during the last six years?
23. Have you read the information sheet posted on the door (explaining the types of bankruptcy available)?
24. Why did you have to file bankruptcy?
While the above list of questions is not exhaustive or limited, you now have an idea as to what to expect. If you are unsure of an answer or do not understand, then you can explain that to the trustee. You do not need to guess. The questions may vary slightly by jurisdiction.
Normally, it is wise to arrive early to the meeting so that you have an opportunity to hear other meetings and the types of questions (if available in your jurisdiction) while relaxing rather than frantically trying to catch your breathe.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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