What To Expect At The Creditors Meeting For Chapter 7 Bankruptcy

Posted on: 6 October 2015


When you decide to finally file for Chapter 7 bankruptcy, your attorney will explain the process to you. This will help you know what to expect from your bankruptcy, but you may still have questions about it. One question a lot of filers have is what the creditors meeting is for. Here are three things you should know about this. 

You only attend one meeting

In most cases, filing for Chapter 7 requires only one meeting, which is called the creditors meeting. This is the only appearance you will most likely have with the trustee, and it typically occurs just a couple weeks after you file for bankruptcy. Your attorney will meet you there and will sit through this meeting with you. If you are not sure how to answer a question during the meeting, you may want to ask your attorney.

When your name is called, you will have to stand before the bankruptcy trustee and swear in. By doing this, you are agreeing to be completely honest when you answer the questions the trustee has for you.

You will have to answer questions

The creditors meeting has two main purposes, which are:

  1. To allow any of your creditors to object to your bankruptcy discharge
  2. To ask you questions to verify that you qualify for bankruptcy and to learn more about your financial state

The trustee will ask you about your income, your job, and the money you have in the bank. He or she will want to know about assets you own, and the trustee will ask you if you have ever filed for bankruptcy before.

If you have filed for bankruptcy in the past, the trustee will need to know the date you filed. There are restrictions as to how often you can file, and the trustee must verify this to make sure you really are eligible to file again. You should also be prepared to explain to the trustee why you are filing.

You may be asked to submit documents

After the trustee finishes asking you all the questions, he or she may give you a list of documents needed in order to continue on with the bankruptcy. This may include missing tax returns, loan papers from your house or car, and statements from your personal business.

You will have a certain amount of time to get these documents to your attorney, and he or she will forward them to the trustee.

Going to the creditors meeting is not optional; you have to go. It can be intimidating, but keep in mind that this is likely the only meeting you will need to attend. If you would like to learn more about this or other topics relating to Chapter 7, contact a bankruptcy attorney (such as Flippin Thomas C) and schedule an appointment.