Bankruptcy And Creditors' Meeting

Contrary to what some may think bankruptcy is not something that can be "considered". In other words, you can not proclaim that you are bankrupt, and hopes that the bankruptcy court to follow along with your wishes. There is a conscious process, and for those who want the bankruptcy to be followed in conjunction with the corresponding stages of the set to do so.

One such step is what is commonly known as a meeting of creditors, and it's really something for bankruptcy should be discussed with a qualified bankruptcy attorney. For those interested in an overview of what this process means there is something of a creditors' meeting explanations:

When the header file for bankruptcy Chapter 7 or Chapter 13, the court clerk will be set up for what is known as the creditors meeting. This meeting is also called "341 (a), which is a reference to the legal status, he falls. This is a mandatory meeting with one it will be meeting with you and your bankruptcy attorney will answer many questions raised by a trustee appointed. This will be done in order to find out whether you have assets that you did not declare bankruptcy filing by its. The trustee will also determine whether you need to make any changes to their bankruptcy schedule, or you have transferred assets to or after the bankruptcy.

As well as meeting the creditors you owe and can be asked about your property and / or your ability to repay all your debts. It is not always the case, because creditors can understand if you are filing bankruptcy and not foolishly try to deceive the court, the survey is of little use to you. However, there are rare cases where the creditor wishes to appear and ask questions, because it is good for your rights.

The meeting will be quite brief and may last for half an hour through the most. However, this is a serious meeting and adoption of any wrong can lead to serious legal decisions. Thus, it is very wise that you have a bankruptcy attorney to handle a question and answer session that you are treated fairly and that you also do not wrong to say or do anything that might hurt you.

The final result of the meeting is usually a function of the trustee to make a statement as to whether you have a property for bankruptcy. It is obvious that this could be real assets to their name, and estate trustee can not simply "create" out of thin air.

From the creditors' meeting is more than just a mere formality. It is designed to determine whether or not deliberately or inadvertently failed to mention your property. As long as you and your bankruptcy attorney is honest in this process, no problems arising from the meeting of creditors will be almost impossible to factor.

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Author (andrewmathew). Submitted on Fri, 24 Jun 2011 Time: 9:05 AM

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