What Does Rule 2004 Mean in a Bankruptcy?

When you have decided to go bankrupt there is a lot that you are going to learn about this process. The first thing that you have to realize is that while bankruptcy is an excellent form of debt relief it can be a very complex process. For this reason you want to make sure that you acquire the services of an experienced bankruptcy attorney.

There are different rules that the bankruptcy courts have in place. One of these is rule 2004. Rule 2004 is applicable to the bankruptcy trustee being able to question anyone who might have knowledge regarding any of the financial information that you provided to the court.

It is called a rule 2004 exam and for many in the bankruptcy field they feel that this is really just a fishing expedition. They feel that it is sometimes abused and used to try and make the bankruptcy process a little more difficult than what it has to be.

This is why having a qualified bankruptcy attorney to assist you is so important. In most cases a bankruptcy procedure is straightforward and the rule 2004 is not implemented. However, if it is implemented, you have to realize at that the bankruptcy courts have the option of doing this and you really need professional assistance. It could be that you did not complete all of the information properly that was required by the trustee. Some of your statements or information could be inaccurate and it is up to the trustee to make sure that fraud is not being committed.