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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have a continuation of a Citation to discover assets hearing

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I have a continuation of a Citation to discover assets hearing coming up in about a week.

I am 99.9% certain I will be declaring Chapter 7 personal bankruptcy although it likely won't be prior to the scheduled hearing date.

Should I notify opposing counsel of my intention to see if they may be willing to forego the continuation or might they feel I'm just bluffing ?

With that in mind, Is there any action they could take upon that notification that could make this situation worse prior to my formally filing BK? I understand the stay goes into effect upon filing but why waste everyone's time and legal fees prior to?


Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.


At this point their is no benefit in advising the counsel of your bankruptcy filing, you can attend the meeting and advise the Court that you are considering a bankruptcy and the opposing attorney may try to work out some settlement, however it would be best to file the bankruptcy after the hearing,


and at that point if you wish contact the attorney about a possible settlement.


Unless you actually filed a bankruptcy opposing counsel would not adjourn the case,


so it would not be worth it for you at this point.


If you have any further questions please do not hesitate to ask.

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