One of the steps in the bankruptcy process is to meet with your various creditors. Early in the process of declaring bankruptcy, you'll want to hire a bankruptcy attorney who specializes in such matters and begin to compile a list of those to whom you owe money. This list may vary considerably, and include large-scale institutions such as banks and financing companies, as well as smaller creditors such as friends and family members. It's customary to meet with each of these creditors during this process. Here are some things that you should expect in doing so.
The Questions Will Be Personal
A lot of people tend to feel uncomfortable when others ask personal questions, but you'll need to get used to these types of questions when you begin to meet with your creditors. Those whom you owe money might be tactful in how they speak to you, but they'll also be concerned about what you owe them and when they'll get the funds. Creditors will often ask questions that you might take as personal, including how much you're making now, how much you owe others, and when they might get paid.
Your Attorney Will Prepare You
You shouldn't feel as though you'll have to enter this potentially hostile environment by yourself and without any preparation. It's customary for your bankruptcy attorney to sit with you through each of these meetings to provide not only moral support, but to also handle answering questions when you're unsure of what to say and take control of any situation that gets contentious. Additionally, your bankruptcy attorney will prepare you for the types of questions you may get, and could even role play with you in advance to help build your comfort and confidence.
You May Feel A Bit Better
Bankruptcy is a difficult and uncertain time, and a lot of the concerning feelings and stress that you experience are because of apprehension over the unknown. Although it's a stretch to suggest that you might look forward to sitting down with your creditors, the reality is that you may begin to feel a little better about the situation in which you find yourself after these meetings are through. They'll often provide clarity on how you're going to approach your situation, and you may even notice that your creditors perhaps aren't as scary as they might have seemed when you were reading legal letters from them in the past.