There are several duties that a debtor must be in compliance with when they decide to file for bankruptcy. These bankruptcy rules of procedure for debtors are known as the Federal Rule of Bankruptcy Procedure 4002. The rules provide additional details of the debtor’s duties once the petition for bankruptcy relief is filed.
The Debtor Must Attend an Examination
The court requires debtors to attend an examination. This examination or meeting is a 341 meeting. It coordinates with Section 341 of the code. Every case requires this meeting. Typically, the creditor meeting is held within 45 days of the filing. Although a debtor can be examined after the bankruptcy rules of procedure 4002, an examination rarely happens.
Requirements Of The Debtor At A FRBP 4002 Meeting
Once the debtor arrives to the 341 meeting, the court requires that he or she provide a valid government ID and documentation of the debtor’s social security number. If these documents do not exist, the debtor must show documentation that states the identification does not exist. The most common forms of ID are a driver’s license and a social security card.
Debtors must also provide the trustee assigned to their case with proof of income. The trustee will require proof of income for the last two months. The court occasionally wants proof of income to be filed with the petition. The court will also require:
- Investment accounts
- Checking accounts
- Savings accounts
- Brokerage accounts
- Money accounts
Depending on the state where you reside, the trustee may request copies of these statements before the 341 meeting occurs. The trustee will require a recent federal tax return.
Keep Information Current
Debtors must also make sure that their mailing information is current during the entire process. The court will send notices to you periodically and it is important that you respond to these notices on time.
The bankruptcy rules of procedure help to ensure that certain rules are uniform across in all bankruptcy courts. Speak with a reputable bankruptcy attorney if you are thinking about filing for bankruptcy.
Are you unsure if bankruptcy is the best option for you? The attorneys at Douglas Jacobson Law Firm will meet with you to discuss your financial situation. Contact us for a free consultation today.