Role Of Personal Bankruptcy Attorney At The Creditors Meeting

“Unless you have availed the professional assistance of any bankruptcy service providing firm, it is neither easy to file bankruptcy online nor get the approval for the same from the bankruptcy court. The creditor’s meeting is one of the most important steps in the process of approving the bankruptcy of any debtor.”

Many people are under the misconception that debt of any magnitude can be got rid through filing bankruptcy and because of this go on spending money and accumulate a lot of debt. The current recession has made the financial situation of the debtors worst than ever because many have been laid off from jobs or have to compromise with the salary reduction. The prices of the basic necessary commodities are on the rise and the current rate of interest on the debts is also on the rise. The standard of living that was affordable once upon a time is now very expensive. The number of chapter 7 bankruptcy cases is rising exponentially because the debtors are incapable of servicing the debts anymore.

The first step towards approval of bankruptcy is to file bankruptcy online or offline. Once the petition for bankruptcy if filed the most important step that follows is the creditors meeting. The creditors’ meeting is also called 341 meeting. The creditors meeting give a chance to the chapter 13 bankruptcy to oppose the discharge of debt that is proposed in the bankruptcy petition. The creditors meeting usually takes place 90 days after the commencement of the case. The creditors meeting give the bankruptcy trustee a chance to interrogate you under oath in relation to expenses, income, debts and assets. The bankruptcy trustee asks the applicant to confirm the name, address and social security number too. The information given and the responses to the queries of the bankruptcy trustee must be true and genuine to the best of the applicant’s knowledge.

The creditors’ meeting is recorded either by the court reporter or on the tape electronically. The maximum duration that the creditors meeting usually take is 30 minutes. It is mandatory to make a personal appearance for the creditors meeting. This meeting is neither very formal nor very informal. Usually this meeting takes place in a conference room or a similar type of setting. It is always better to avail the bankruptcy counseling offered by bankruptcy companies like LoansStore. This saves a lot of time, money and energy. LoansStore is also known to have the best of personal bankruptcy attorney at your disposal, just to assure that your bankruptcy petition is approved by the bankruptcy court.

he creditors meeting are a major step in the process of the bankruptcy approval. With the professional assistance and bankruptcy counseling service offered by LoansStore and its personal bankruptcy attorney the availing of the bankruptcy approval can be very smooth.