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Ellen, Attorney
Category: Business Law
Satisfied Customers: 36714
Experience:  25 years of experience helping people like you.
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My husband's company declared chapter 7 banckruptcy on

Resolved Question:

My husband's company declared chapter 7 banckruptcy on Feb 29, 2008 & closed their doors. We received a "B9B Form in the mail with a "Meeting of Creditors" date. My husband attended the first meeting which was cancelled & continued. The second date was also cancelled & continued to yet another date. The problem is this. My husband is trying to recoup backpay; release of 401K holdings & receive Cobra coverage. We understand that the company must liquidate qualifying assets in order to pay off some of their creditors (i.e. employee back wages). However, release of 401K & cobra insurance shouldn't be affected by any of this. The trustee assigned to the case has not been helpful either of these matters. Also, Is it mandatory that my husband attend these meetings (he has a new job & has to take off of work & travel a long distance each time)? Do we need legal representation in this case? Please advise.
Submitted: 9 years ago.
Category: Business Law
Expert:  Ellen replied 9 years ago.

Thank you for your question.

It is essential for your husband to properly file a Proof of Claim in the bankruptcy proceeding to protect his interest. If he has not done so already, it is imperitive that he seek the counsel of an attorney with bankruptcy experience to prepare and file the Proof of Claim at once.

Generally, it is not essential for a creditor to attend the 341 hearing. However it is unusual in a Ch 7 bankruptcy for the 341 to be rescheduled absent exigent circumstances.

Although it is not required for your husband to be represented by counsel, it is highly advisable. Bankruptcy is a very specialized area of the law. I suggest that you immediately seek the counsel of an attorney with bankruptcy experience to prepare and file the Proof of Claim and otherwise represent your husband in this proceeding.

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