Creditors Meeting in Bankruptcy
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Creditors Meeting in Bankruptcy

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.

Find out if bankruptcy could help you clear your debt and what to expect during a free case evaluation with a local bankruptcy lawyer. Arrange one today by completing the form on this page.


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The Meeting of the Creditors

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:

  • Your trustee presides: Rather than having a judge oversee the proceedings of the creditors meeting, bankruptcy law requires that each filer’s bankruptcy trustee handle events.
  • You must attend: It’s essential for you to show up for this meeting – generally, creditors meetings don’t last very long and are not especially taxing ordeals. But, if a petitioner isn’t present, the court may dismiss her case.
  • Your creditors may attend: While all the creditors you list in your bankruptcy petition are invited to this meeting, it’s not common for many to actually attend.
  • You must swear to questions under oath: The reason it’s important for a filer to attend the creditors meeting is because you are required to swear under oath to the accuracy and completeness of all information in his bankruptcy petition. That information generally includes assets, debts, income and related data.
  • Your creditors may question you: Creditors are permitted to ask the filer questions while under oath, but each creditor has only a limited amount of time. And, again, in many cases, creditors don’t even attend this meeting. In fact, the main reason a creditor might choose to attend your creditors meeting would be because of a suspicion of fraudulent information on your bankruptcy forms.

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.

After the Creditors Meeting

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.

Speak with a Bankruptcy Lawyer Today

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.


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