6
The "341 Meeting of Creditors"
After you file your bankruptcy petition, you'll attend a meeting with your attorney. There, you will meet a trustee, whether you file a case under chapter 7 or chapter 13. The chapter 7 trustee will want to know if you have assets he can sell to pay creditors. The chapter 13 trustee will want to know if your plan is acceptable and can be confirmed. So answer all her questions completely and carefully.
Always bring your social security card and a government issued photo identification card to this meeting.
You will be sworn as a witness and must answer all questions truthfully.
It is not as scary as it sounds.
7
Take the financial management course
After you file your bankruptcy case, you must take another course - the financial management course - in order to receive your discharge in bankruptcy. Don't forget to do this. If you do forget, bad things happen to you. Your case will be closed without a discharge. Then creditors will have the right to continue to collect from you even though you did file a bankruptcy case. You'll have to pay a fee of at least $250 to reopen your case, just to file the certificate of financial management course and you may have to pay an additional attorneys fee too.
8
Reaffirm Debts if Advisable
If you have a debt secured by property, it may be advisable to reaffirm that debt, either on the original terms or better terms negotiated for you by your attorney. You'll have to sign an agreement to do so. You'll have to be able to afford to pay the reaffirmed debt. If it looks as if you won't be able to pay, you'll be invited to court where you will have to explain to the judge how you can afford to continue to pay.
It may or may not be to your advantage to reaffirm any given debt. Discuss this with your attorney.
9
Your Discharge - Your Credit
Keep your discharge and treat it as an important document. Send it to all of the credit reporting agencies. These are Experian, Equifax and Trans-Union. Start rebuilding your good credit by paying your obligations on time. Check your credit report 6 months after bankruptcy to be sure that old debts are no longer listed. Challenge anything that's wrong. And if need be, call your attorney and ask him or her to take steps to correct any errors.
You will be solicited for credit card offers after bankruptcy. Accept them sparingly and never accept a credit card or other offer which you absolutely positively can afford to honor. You will be on your road to financial recovery and a fresh start in your life.
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