If you’re suffering from crushing debt and considering seeking the relief that personal bankruptcy can provide, then you’ve probably got a lot of questions about the process. There are a number of steps involved in the bankruptcy process, and understanding them can provide you with clarity and a sense of relief. After all, uncertainty often fuels fear. Fortunately, when it comes to bankruptcy, there isn’t much to fear, especially when you have an attorney by your side to guide you through the process.
One aspect of the personal bankruptcy process is the meeting of creditors. That might sound scary, especially since you are trying to escape the debt that you owe to these entities. However, the meeting of creditors is rarely a noteworthy event. Instead, you simply meet with your bankruptcy trustee and your creditors to answer certain questions under oath. These questions often confirm your identity and the state of your financial affairs, but rarely go beyond that.
In essence, everyone is simply trying to ensure that you are being open and honest in your bankruptcy filing so that creditors are not being cheated out of the money they are owed. The truth of the matter is that creditors often don’t even show up to these hearings, and when they do they usually don’t ask any questions unless they have other interests at stake or suspect some sort of fraud.
In preparation for the meeting of creditors you’ll have to submit certain documents to the bankruptcy trustee. This might include paystubs and bank statements, as well as tax returns. If you don’t provide adequate information at your meeting, then it might be rescheduled.
So, for many bankruptcy filers, the meeting of creditors isn’t an overly stressful event. However, that doesn’t mean that you shouldn’t be prepared. After all, there may be some discrepancies in your financial records that could leave you subject to some tough questioning. If you think you’ll have certain hard-nosed creditors attend, then you’ll also want to make sure you’re prepared to appropriately answer any questions they may have. This is where the assistance of a skilled bankruptcy attorney may serve you well.
So, if you’d like to learn more about the bankruptcy process and how to pursue to your advantage, consider reaching out to a legal team you can trust.
