What is the meeting of creditors in a Chapter 7 bankruptcy?

Whether you have already started the process of filing for bankruptcy or you are simply gathering more information about the process, it is important that you know about the meeting of creditors. This mandatory meeting is essential for all who file for Chapter 7 bankruptcy in Illinois or anywhere else across the nation. Since declaring Chapter 7 bankruptcy may ultimately end in full discharge of your medical expenses, credit card debt and other unsecured loans, the creditors involved in the case are given an opportunity to state their case and ask questions before the court-appointed trustee.

When filing an application for bankruptcy, you are required to provide a comprehensive list of creditors who you owe money to. According to the U.S. Courts, all creditors are invited to attend the meeting and ask the debtor questions regarding the bankruptcy case. As the debtor, attendance at the meeting is mandatory. In addition to creditor questions, the trustee will ensure that you understand the impact that filing for bankruptcy will have your financial health. Not only does this include your credit report, but also reaffirmation of debt, liquidation of property and what types of debt are not eligible for discharge.

The trustee presiding over the case may wish to obtain further documentation regarding property and/or assets in your case. It is crucial that you provide this documentation to the trustee as soon as possible to avoid delays in the case.

The information should be used for educational purposes only and should not be taken as legal advice. 

No Comments

Leave a comment
Comment Information

Need Help With A Specific Issue?