342 notice

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A 342 notice is the notice sent before the commencement of a bankruptcy proceeding by the bankruptcy clerk of the bankruptcy court to the debtor, which contains:

  • 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.

[Last updated in November of 2021 by the Wex Definitions Team]