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When you receive a discharge from the bankruptcy court, your case is generally considered done, and you can move on to the next phase of your financial life. Unfortunately, sometimes a creditor has a problem with the outcome of the case and will file a motion to reopen it. Here's what you can expect should that happen.
Reasons Creditors Would File a Motion to Reopen
There are a few reasons why a creditor would want to reopen your bankruptcy case, and they all have to do with attempting to get more money from you or your estate. A creditor will file a motion to reopen if:
The bankruptcy trustee can also request to have your case reopened for the same reasons. Therefore, it's essential you make sure you dot all your Is and cross all your Ts when managing your bankruptcy case.
Consequences of Reopening Case
After the creditor files the motion, the court will usually set a date for the creditor to make his or her case for reopening the bankruptcy petition. If the court grants the motion, the outcome of reopening the case will depend wholly on the reason the creditor made the request in the first place.
If the creditor requested the case be reopened because you failed to list some of your assets, the trustee will then require you to update your bankruptcy schedules to include the missing assets. If the asset is not covered by a state or federal bankruptcy exemption, then it may be confiscated by the trustee, liquidated, and the resulting funds distributed to your creditors.
About 21 to 40 days after you file for bankruptcy, a meeting of creditors is typically scheduled where creditors are allowed to question you about your finances, the condition of any property part of a secured loan, and your intentions regarding how you plan to handle your debts. Creditors are also able to object to the bankruptcy plan if you filed for a chapter 13, which would cause you to negotiate with them to resolve the problem. Creditors who were not notified of your bankruptcy filing may be provided the opportunity to do these things. Unless the creditor uncovers missing assets or fraud while questioning you, it's unlikely anything will change the outcome of your case.
The worst thing that could result from reopening your case is the court will revoke your bankruptcy discharge. This may occur if the creditor can prove you knowingly committed bankruptcy fraud to get your debts discharged by the court.
There are several things that may be considered bankruptcy fraud including:
If a creditor can provide credible evidence of bankruptcy fraud, the court will likely reverse the discharge and you'll be back at square one with your debts. You may even face criminal charges depending on the facts of the case.
It's essential you contact a bankruptcy attorney as soon as you receive notice that a creditor wants to have your case reopened. An attorney can advise you on the best way to handle this situation to ensure your rights are protected and avoid an adverse outcome. Click here for more information.
Share31 March 2015
