Chapter 7 Bankruptcy

06 Mar Should I Be Scared of the Meeting of Creditors?

In the overwhelming majority of cases, the Meeting of Creditors (also called the "341 Meeting," because it is authorized by Section 341 of the Bankruptcy Code) is about 5 minutes long, no creditors appear, and the Meeting consists of Trustee going through a series of standard questions. Why, then, do most of my clients hear the words "Meeting of Creditors" and get a mental image of being seated in a straight-backed chair in a large, darkened room, with a spotlight in their face, and their creditors in hooded robes chanting around them?
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01 Mar The Fate of Co-Signed or Guaranteed Debt in Bankruptcy

If any of your debts have been guaranteed or co-signed by a friend or relative, your bankruptcy filing could damage your friend or relative's credit. Lenders, whether automobile finance companies, credit card lenders, mortgage lenders or any other type of credit grantor, are in the business of evaluating and managing risk. If your credit profile has been poor for a while, you may have been asked by the credit grantor to find a guarantor or co-signer.
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