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What is a debtor?
A person or entity who has filed a petition for relief under the Bankruptcy Code.
Who is a creditor?
One to whom the debtor owes money or who claims to be owed money by the debtor.
Where should I file my case?
Use the "Where Do I File?" tool to find the appropriate division to file in, along with statistical information for that division.
What is the cost for filing bankruptcy?
The cost for filing various cases can be found at "Statutory Filing Fees and Miscellaneous Fees"
What is the automatic stay?
An injunction that automatically stops lawsuits, foreclosures, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.
What is the Meeting of Creditors (341 Meeting)?
The meeting of creditors required by section 341 of the Bankruptcy Code at which the debtor is questioned under oath by creditors, a trustee, examiner, or the U.S. trustee about his/her financial affairs. Also called creditors' meeting.
Where is the 341 Meeting held?
What is a Proof of Claim?
A written statement and verifying documentation filed by a creditor that describes the reason the debtor owes the creditor money. There is an official form (Form B410) for this purpose, which is then filed with the court.
What is a Reaffirmation Agreement?
An agreement by a chapter 7 debtor to continue paying a dischargeable debt (such as an auto loan) after the bankruptcy, usually for the purpose of keeping collateral (i.e. the car) that would otherwise be subject to repossession.
What does the Discharge mean?
A release of a debtor from personal liability for certain dischargeable debts set forth in the Bankruptcy Code. A discharge releases a debtor from personal liability for certain debts known as dischargeable debts and prevents the creditors owed those debts from taking any action against the debtor to collect the debts. The discharge also prohibits creditors from communicating with the debtor regarding the debt, including telephone calls, letters, and personal contact.