Some of our Wynn
at Law, LLC bankruptcy
filing clients have such tremendous anxiety over the Section 341 meeting of
creditors. They’ll imagine intimidation like in the photo. For some, it’s the
hang up that keeps them from filing. For others, it’s the cause of more than a
few sleepless nights. I put a lot of value in the statement that 90 percent of
what you worry about never comes true. The creditor meeting falls into that
category.
This meeting
isn’t a hearing. It’s not even in a courtroom. You’re under oath of course.
However, there isn’t a judge. Here’s the two-step for taking the terror out of
the topic:
First, it’s
required. There isn’t a way out of it, so you go through it in order to clear
the path for your financial future.
Second, most of
your creditors won’t show up at all! They’re all invited by law. In reality, they know you’re represented by
competent counsel and it’s usually financially unrealistic for the creditor to
spend the time and staff hours to come to your hearing. The ones who do show up
may just want to know about recent cash advances or revolving credit charges to
find out if you were on a spree you had no intention of paying back. Or the
lender on secured property (a car or house) might show to find out if you’re
reaffirming the loan or giving back the property. We’ll have already talked
this through in our office. No worries.
In a previous post,
I mentioned the value of honesty. If you’ve accidentally missed something, Wynn
at Law, LLC can amend the filing before the meeting. Your creditors won’t think
your hiding something if you aren’t hiding anything. Again, no worries. If they do show, and they do ask questions,
commonly they’ll want to know things we’ve already covered in advance. For
example, if you’re getting an
income tax refund
or if anyone owes you money or holds property that belongs to you or if you’ve
recently transferred property. None of this is an ambush because you’ve already
covered it with Wynn at Law, LLC.
*The content and material in this original post is for
informational purposes only and does not constitute legal advice.
Photo: SIPhotography, used with permission.
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