This paper outlines the basics of the bankruptcy process.
The three general requirements for a successful 341 meeting are a 1.5 minute meeting, obtaining the trustee's respect, and the client's appreciation. The secret to a successful 341 meeting is to fully and completely fill out the petition, statement and schedules. An attorney should also anticipate and answer all the trustee's questions with answers from the petition, statement and schedules. Success in Chapter 7 or 13 bankruptcy is probable best described as "quick and painless." Three major areas of concern for bankruptcy trustees are (1) incomplete answers to questions 1 and 2 in the Statement of Affairs; (2) insufficient information on Schedule A (Real Property); and insufficient handling of Schedules I and J.
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