342 notice
Definition
In a bankruptcy case, a notice the court clerk must give the debtor that describes the "general purpose, benefits, and costs" of proceeding under particular chapters of the United States Bankruptcy Code and specifies the consequences of concealing assets and making false statements.
See also
Definition from Nolo’s Plain-English Law Dictionary
A notice the court clerk is required to give debtors in a bankruptcy case, pursuant to Section 342 of the Bankruptcy Code, to inform them of their obligations and the consequences of not being completely honest in their bankruptcy case.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:27 pm
