If you are considering filing for bankruptcy, you should know that the process can be quite detailed. Between the details required about your financial history and the multiple people involved, it can seem confusing. However, it really isn't as difficult as you may suspect. The trick is getting to know the key players.
Debtor
Many people overlook their own role in the bankruptcy process. When you file your case you will be required to become an active participant. You will need to list all of the details about your income, debts, assets and fund account on your petition. It is important that you inform the court if any of these financial details change during the course of your case. The law also dictates that you complete a credit counseling course before your debts can be discharged.
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Creditor
We all know these people all too well. A creditor is anyone who you owe money to, including debt account holders, lenders, and even private sector parties that have a claim against your income. Even though some debts may not be included in your case, you are still required to list all of your creditors on your petition. This gives the court an overall view of your financial obligations. Your creditors will be notified of your filing and they do have the right to attend the 341 Meeting of Creditors, an event that allows for them to stake claim against your case and dispute any information.
Trustee
One of the most unrecognized parties in a bankruptcy case is the trustee. This is a person appointed by the court to manage your case. Although they do not technically represent you in the case, they do act as a mediator between you and your creditors. It is the job of the trustee to ensure that payments get made to creditors as outlined by the court, oversee any liquidation proceedings, and make sure that you are following the rules of the process.
Attorney
While not everyone seeks the help of a bankruptcy attorney, it is always s good idea to consult with one prior to filing. A bankruptcy attorney wears many hats in the process, including being a mediator between you and your creditors during an active automatic stay. The attorney can ensure that you are not being pursued by creditors for collection, guide you through the petition process, be available to answer your questions and ensure that your case is managed as smooth as possible.
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