If you are involved in a bankruptcy case, you may have a number of questions. To help you deal with your bankruptcy issues, here are some frequently asked questions about mediation.
Frequently Asked Questions About Bankruptcy Mediation Services
- What is bankruptcy mediation?
Bankruptcy mediation is an alternative dispute resolution method facilitated by an unbiased third-party mediator who is there to assist the opposing parties in coming to a mutually satisfactory solution.
- When does it take place?
Mediation is encouraged at any time during a consumer or commercial bankruptcy case.
- What kinds of bankruptcy disputes are mediated?
Frequently mediated are disputes asserted by Chapter 7 trustees and parties in proceedings regarding preference, non-dischargeability, avoidance, and fraudulent conveyance.
- What are the benefits of bankruptcy mediation?
The primary advantage is that the parties are able to control the outcome of their dispute. The parties can agree upon a resolution that is creative and flexible as opposed to a stricter, less balanced court decision. Additionally, the process is voluntary, immediate, confidential, and usually less expensive in the long run.
- How do I schedule a bankruptcy mediation?
- Select a qualified mediator. Both parties must agree and the mediator must satisfy the qualification requirements outlined by the Bankruptcy Court;
- Contact the mediator to verify that he/she is available and has no conflicts of interest;
- Submit an Application For Appointment of Mediator and Verified Statement of Mediator and complete a form of Order Appointing Mediator with the Bankruptcy Court.
- Is all information disclosed during mediation confidential?
All oral or written information disclosed during bankruptcy mediation proceedings are completely confidential. Nothing may be disclosed outside of the mediation or used as evidence in related proceedings.
If you have any additional questions regarding bankruptcy mediation proceedings, feel free to post in the comments section below.