What are the main steps in a bankruptcy case when filing with a Lindenhurst bankruptcy attorney? Under Chapter 7 bankruptcy the case starts with the filing of a bankruptcy petition. A bankruptcy petition is a 30 to 60 page document which contains all kinds of information concerning the assets, the liabilities, the income, and the expenses of the individual. The bankruptcy petition also contains a statement of financial affairs which depicts what the person has made in the last three years from employment, if the person has been involved in any lawsuits, if the person has been at the same address for more than two years, if the person has engaged in some sort of business, if the person has a safety deposit box and a slew of other miscellaneous information about the individual. The bankruptcy petition must be signed under all penalties of perjury in about 12 different spots throughout the document. That is required when you claim bankruptcy.
Every few pages or so the Bankruptcy Code mandates that the debtor sign under penalties of perjury that the information in the preceding pages is true and accurate to the best of his ability. In addition to the bankruptcy petition, there is a statement called the electronic case filing declaration. This document basically states that the signature can be electronically placed throughout the petition as long as the debtor has signed the electronic document officially saying that his signature is in fact replaced by the electronic signature. There’s also a document called a Social Security statement which has to be signed originally by the debtor. This document gets filed with the court, and it does have the debtor’s Social Security number listed on it. The bankruptcy court then protects this information and will only send out notices to certain people with the full Social Security number. When personal information is advertised, it can make the bankruptcy news.
After the bankruptcy petition is filed, the clerk of the United States Bankruptcy Court will set a 341 meeting of creditors date. This is the date where the debtor must appear before a Chapter 7 or Chapter 13 bankruptcy trustee to answer yes/no questions about the documents that were filed and the information contained therein. The 341 meeting of creditors will be set approximately four weeks after the case is filed. The debtor’s Illinois bankruptcy attorney, the debtor, and the trustee will appear and under oath the debtor will be asked a series of yes/no questions based on the documents that were filed. Creditors do have an opportunity to appear at this meeting; however, seldom do any creditors actually take the time to appear. In a Chapter 7 bankruptcy case, the Chapter 7 panel trustee is appointed to look over the assets and/or liabilities and see if there are any assets that can be administered for the benefit of creditors.