Simple English definitions for legal terms
Read a random definition: goods and chattels
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 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:
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.