A Glossary of Terms for Filing Bankruptcy – Part 6
At RGG Law, our team of bankruptcy lawyers believes that empowering our clients with the right information is vital to helping them feel confident and comfortable as they enter the process of filing bankruptcy. Filing bankruptcy can take a long time and involves an intensive amount of work, not to mention the stress of waiting, and the subsequent reorganizing of your entire financial situation.
While just the process itself is hard enough, the terminology that goes along with it is often dense, if not incomprehensible. Fortunately, if you’re filing bankruptcy with RGG Law, you don’t have to have a law degree to understand it. Our legal team will take care of the complicated aspects of your case for you, but our blog series on bankruptcy terms is also here to help.
In a bankruptcy case, an “Adversary Proceeding” (AP) is a lawsuit filed separately from the actual bankruptcy case, but that still relates to it. This usually arises when a specific dispute that can’t be settled entirely through a bankruptcy proceeding is present, requiring an AP. An AP can be filed by a creditor, debtor or a trustee.
The 341 Meeting in a bankruptcy case is a meeting that takes place between creditors. This will happen between 21 and 40 days after your case is filed and will determine why you have applied for bankruptcy, whether you have listed all assets, whether you have owned or own a business and more questions asked to you by the trustee.
A petition preparer is a person or entity that prepares an official petition on behalf of another for the purpose of filing bankruptcy. Your “petition” refers to the act of your filing and, if you’re unable to complete the paperwork yourself for whatever reason, a preparer will do it on your behalf. The petitioner is just there to prepare the paperwork, and can’t tell what you should or shouldn’t include with your petition.
Filing Bankruptcy with a Professional Law Firm
As always with this series, it’s important to remember that these blog entries are just for educational purposes. Your personal case and your circumstances will likely be unique to you, so for professional, personal guidance and legal aid, contact your local bankruptcy law firm in Springfield, MO today.
Our bankruptcy lawyers have helped countless people navigate the complicated and daunting process of filing bankruptcy, and we can help you, too. Check back again for more simplified explanations for complex bankruptcy legal terms.