If you’re considering filing for personal bankruptcy protection in order to help relieve you of your debt burden, you’re probably wondering about what to expect from the bankruptcy process. One element of a bankruptcy case many filers wonder about is the creditors’ meeting.
The creditors meeting is part of both Chapter 7 and Chapter 13 cases, and must be completed for you to successfully exit bankruptcy. Fortunately, you do not have to face this meeting alone, as a lawyer may help you prepare and appear with you.
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Whether you file for Chapter 7 or Chapter 13 bankruptcy, you’ll have to attend the creditors meeting usually about 20-40 days after you file your initial bankruptcy petition with the court. Here’s what to expect:
It’s important to understand that the creditors meeting is not designed to test or trick a bankruptcy filer – you won’t be required to justify your decision to file for bankruptcy. It’s merely a formal step designed to verify that all the information you put in your bankruptcy petition is accurate and complete.
Once the creditors meeting has taken place, your creditors and your trustee have a limited amount of time - 30 days - in which they can make objections to any of the terms of your bankruptcy petition.
After that time, your trustee will recommend to the court either to approve or deny your repayment plan (in Chapter 13) or the terms of your debt discharge (in Chapter 7), depending on which type of bankruptcy you file and your creditors will be required to file any claims for inclusion in that plan.
If you’re ready to take action toward easing your debt load, why not take the first step right now? You can speak with a bankruptcy lawyer during a free case evaluation about getting your case started as soon as possible.