Bankruptcy is a very complicated process, and it involves a lot of steps and procedures. As a result, the person filing for bankruptcy might be a little overwhelmed and might need an explanation as to what will occur.
After the bankruptcy petition is filed, a meeting of creditors is then scheduled, as reported by World News Report in a March 29, 2014 article.Â The meeting of the creditors is also known as the â€œ341 Meeting.â€ At this meeting, the petitionerâ€™s creditors are able to oppose the petition if they donâ€™t agree with any portion of it. However, the creditors usually do not have to show up.
At this meeting, the trustee, an attorney appointed by the court, is also present, and he or she questions the debtor if he or she has any questions regarding the petition that was filed. Also, the trustee is responsible for ensuring that the petition is correct. This meeting usually takes place within a month or two after the petition is filed, and it is very short, as it lasts about five minutes. This meeting occurs at the courthouse or another designated location. The trustee is in charge, meaning he or she asks the petitioner questions under oath mostly regarding the petition. So if the petitioner lies, then he or she could be charged with perjury.
If one can recall what is on the petition, then he or she should be fine. However, just to be safe, he or she should carry proof with them pertaining to their assets and bills in case the trustee requests these documents. Moreover, one should discuss with his or her attorney what the next steps are and what is required of them.
If you are considering filing bankruptcy or would like to learn more about the bankruptcy process, then contact the law office of Jayson Lutzky, P.C. Mr. Lutzky has represented thousands of highly satisfied clients over the past 30 years. He offers free in office consultations regarding personal bankruptcies. To set up an appointment call 718-514-6619. Visit www.MyNewYorkCityLawyer.com for more information.