342 notice

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 reviewed in November of 2021 by the Wex Definitions Team ]

Wex

• LIFE EVENTS
• financial events
• bankruptcy
• money and financial problems
• wex definitions