Bankruptcy Process (Generally) This post is intended to describe the overall process of filing a consumer bankruptcy. It is important to keep in mind that each bankruptcy case is unique. Some cases will follow this overview closely, while others may experience one or more complications. Consumer Education RequirementsFederal law requires that individuals filing bankruptcy must …
Some common terms used in all types of bankruptcies: 341 Meeting of the Creditors A formal proceeding at which a debtor must appear is the meeting of creditors, which is usually held at the offices of the U.S. trustee. This meeting is informally called a “341 meeting” because section 341 of the Bankruptcy Code requires …
Introduction to Bankruptcy for Consumers For a variety of reasons, it sometimes happens that a person or a couple find themselves in a financial situation that just seems impossible. Sometimes, it is due to an unexpected job loss. Other times, it happens because of crushing medical debt. Perhaps a business venture failed. And sometimes it …
