Learn Who Plays a Role in Your Bankruptcy Case
Most people don’t spend much time thinking about bankruptcy or other legal proceedings, but if you’re considering filing bankruptcy, you’ll want to familiarize yourself with the process and some basic terminology. This includes knowing the roles of all the key players in your case.
Responsibilities and Roles
In any type of bankruptcy, four types of people are involved:
- The debtor
- The creditor/creditors
- The attorney
- The court trustee.
The Debtor
If you owe any type of debt, you are considered a debtor. In order to file bankruptcy and have your debts included and discharged, you’ll need to gather supporting documents to demonstrate your financial situation.
There will also be forms for you to complete and credit counseling courses for you to conclude. Throughout the whole process, there will also be the 341 Meeting, so that you don’t miss any requirements or deadlines or end up making costly mistakes.
The Creditor/Creditors
If you’re in debt, you are definitely familiar with your creditors. These are the people or companies to whom you owe money. A creditor could refer to a credit card company, medical lab, or even a friend or family member. A complete list of these creditors must be listed in your bankruptcy paperwork, regardless of if the debt is secured or unsecured.
Creditors do not usually attend the 341 Meeting unless they have a debt they want to dispute.
The Attorney
Keeping track of your responsibilities and knowing the best choices to make can be confusing. This is why it’s important to select a professional bankruptcy attorney. An experienced attorney will have assisted many people in your situation.
They are also up to date on the most recent law revisions and filing requirements. Working with someone you trust will take the stress and uncertainty out of this important proceeding.
The Court Trustee
The court trustee is the person who is appointed to oversee bankruptcy cases. Their main goal is to assess your situation and ensure that all paperwork and documents are accurate and complete. You will be asked some questions by the trustee to clear up anything confusing about your case.
They will assess your property and assets to determine if anything can be sold to repay your creditors. There are many exemptions available to protect your assets. The trustee also looks for signs of fraud and will approve or deny the repayment plan for a Chapter 13.
Have a Legal Advocate in Your Corner
All of these legal terms and proceedings can be overwhelming. An experienced bankruptcy attorney will ensure you feel comfortable and confident in your financial decisions.
They will always take an unbiased look at your circumstances in order to recommend the best course of action in getting your finances under control. Contact a lawyer and begin discussing your options.