What is the meeting of creditors?

When you file for Chapter 7 bankruptcy, there are a host of issues that may be running through your mind. You may feel overwhelmed while attempting to complete all of the tasks required to file for bankruptcy, such as completing a credit counseling course and filling out all of the bankruptcy documents. Once you have completed the paperwork, the court will schedule a meeting of creditors. 

During the meeting of creditors, all of the creditors who are owed money are invited to speak out regarding your debt. The meeting is overseen by the trustee who is appointed to your case. All of the creditors listed on your bankruptcy documents are invited to attend the meeting, which must be held within 60 days of filing your paperwork. Once you arrive at the meeting, you are put under oath. The trustee may then begin asking questions regarding your current property and finances. It is the job of the trustee to see if you have any property that may be sold for funds that will be distributed to creditors. Creditors are also given a chance to speak at the meeting. 

The trustee will also make sure you understand the consequences of filing for bankruptcy on your credit. He or she will discuss whether you wish to reaffirm a previous debt, such as a car loan. You can also ask questions regarding these topics, as well as address any creditors that are present at the meeting. As long as you are prepared with any financial documents the trustee asks you to bring, you should be able to answer questions and complete the meeting without fail. 

This information is intended to educate and should not be taken as legal advice.

 

 

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