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Simple English definitions for legal terms
342 notice
Read a random definition: criminalistics
A quick definition of 342 notice:
A 342 notice is a letter sent to someone who is about to file for bankruptcy. It explains what bankruptcy is, what the different types of bankruptcy are, and what services are available to help with credit counseling. The letter also warns that lying or hiding assets during the bankruptcy process is illegal and can result in fines or imprisonment. Finally, it states that all information provided during the bankruptcy process can be examined by the Attorney General.
A more thorough explanation:
A 342 notice is a notice sent by the bankruptcy clerk of the bankruptcy court to the debtor before the start of a bankruptcy proceeding. This notice contains important information about bankruptcy, including:
- A brief description of chapters 7, 11, 12, and 13 of the Bankruptcy Code
- An explanation of the purpose, benefits, and costs of bankruptcy proceedings under each of those chapters
- The types of services available from credit counseling agencies
- A statement specifying that any person who knowingly and fraudulently conceals assets or makes a false oath or statement under penalty of perjury in a bankruptcy proceeding shall be subject to fines, imprisonment, or both
- A statement indicating that all information supplied by a debtor in a bankruptcy proceeding is subject to examination by the Attorney General
For example, if someone is struggling with debt and decides to file for bankruptcy, they will receive a 342 notice from the bankruptcy court. This notice will explain the different types of bankruptcy available and the benefits and costs of each. It will also warn the debtor that they must be truthful in their bankruptcy filing and that any fraudulent behavior could result in fines or imprisonment.