While thinking about bankruptcy clients do get overboard and fear that their case might go worse if filed in the courts. But little of them know that while filing for bankruptcy cases they never have to look at the course or even interact with judges. The image that has already been in the client’s mind is stressful which does not allow them to use their legal rights.
With the limited information, bankruptcy clients may go into a worse situation and hence it should not happen. If a bankruptcy client wants to avoid situations then let us understand a few points. Here is what happens when a bankruptcy client files a case with the help of Bankruptcy Attorneys Tucson and what procedures are followed after it.
Creditors meetings
When you file a case for bankruptcy you need to take an oath in the meeting that all your documents are free from any illegalities. The debtors must attend these meetings as if not attended will make your case weak.
What happens at the meetings?
Now the first question comes to date as mine is due I have to attend these meetings in the court? Will there be a judge? And many other things. To clarify the points one by one, a creditor’s meeting takes place out of the court. if not court then where does it take place? It may take place at any place decided by all the members. Generally, these places are near to court.
When the meeting starts there are a few questions that should be answered by the debtor. These questions are generally related to financial statements, receipts, assets, liabilities, and various other monetary figures. You don’t have to worry about the meeting as it may last for a maximum of five minutes or even less for simple cases.
How to approach a meeting?
It is natural to be nervous about the meeting and think about various questions like what to answer to these questions,? What not to answer? How much to disclose? So the best option for any bankruptcy client is to approach The best bankruptcy attorneys in Tucson. They are the right person who can guide you from various aspects of a bankruptcy case.
if you’re still thinking to lead on the case with your understanding then you must get a consultation before attending the meeting. It will improve your chances to answer at the meeting with Logic. While if you hire a lawyer then the process gets much smoother and simpler.
More about creditors meeting
It is mentioned above that various monetary figures will be explained in detail by the data in the creditor’s meeting. But although it’s a confusion, what are all the things that should be kept in mind. Here are a few basic things that cannot be done wrong or else you may have to face future consequences.
The Chapter 7 Bankruptcy Lawyer Tucson will attend the meeting with you if you have applied the case with chapter 13 or chapter 7. Chapter 7 will deal with the Calculation of assets and here you need the help of the bankruptcy lawyer in Tucson.
Then comes chapter 13 where the creditors will talk about the loan and the repayment process of the loan. Here you will also have to disclose your assets to plan the repayment structure.
As already mentioned that you have to take the oath in the meeting it means that every statement or document should be legal or else you may face legal consequences for any discrepancy.
if there are no assets found in chapter 7 then you may be asked to disclose more detailed assets and repayment structure in chapter 13. You need to understand that here a bankruptcy lawyer is of great help.
Possible situations where a presence in court is required
The most basic reason for a debtor to represent in the court is due to the exemption laws. The exemption law states that what are those assets that can be kept aside while planning the repayment structure. These assets will not be part of your repayment. But it happens quite often that debtors may take advantage of these exemption rules and hence they are asked to present in court by a judge.
Conclusion
You may be asked to be present in the court at the time of adversary proceedings or during the show cause order. You can better understand these concepts while consulting a bankruptcy lawyer in Tucson and hence fight your case with better understanding. I wish you all the luck that prevails!
