Bankruptcy Attorney in Bryan Texas Discusses the Requirement to Notify Creditors
If you are facing a possible bankruptcy situation, a bankruptcy attorney in Bryan Texas is the best person to call as you prepare to navigate the proceedings. There are a number of deadlines and procedural requirements inherent in both Chapter 7 and Chapter 13 proceedings, to which you will need to adhere in order for your case to progress smoothly.
One of the most daunting early tasks for many bankruptcy litigants involves listing your creditors and outstanding balances, as this exercise can be a painful reminder of the financial unrest having led to your current situation. However, honesty and truthfulness when listing your creditors is crucial as each has a right to notification of pending proceedings under the federal Rules of Bankruptcy Procedure.
The Notification Rules The bankruptcy courts have developed a streamlined system for the notification of creditors. This system is known as the Bankruptcy Noticing Center (BNC) and is present in all bankruptcy jurisdictions, including Texas. As required by 11 U.S.C. § 342, creditors are required to be notified of the existence of the bankruptcy proceeding, the details pertaining thereto, as well as information relating to any possible abuse of proceedings (e.g., perjury).
As you work with your bankruptcy attorney in Bryan Texas to prepare your case, remember that the federal rules of perjury apply to every filing you submit, and the intentional failure to list a certain creditor could result in a felony perjury conviction.
Contact a Bankruptcy Attorney in Bryan Texas Today If you are considering filing for bankruptcy and have questions about creditors' rights, contact a bankruptcy attorney in Bryan Texas at the Peterson Law Group today by calling 979-703-7014.