question.jpgIn Bankruptcy

What is a Chapter 7 Meeting of Creditors?

About a month after you file for bankruptcy, after your Chapter 7 Trustee has taken a look at your papers, you will be schedule to meet with your creditors, a mandatory meeting. In most cases, this meeting will be very brief (five to ten minutes), because creditors will rarely show up. Chances are, especially if you have no assets, the only questions that will be asked are if your papers were accurate, and if you anticipate any additional income, such as from income tax returns. Your trustee may also ask you questions about recent purchases, to investigate whether you are abusing the system; the trustee may also ask how you arrived at the valuations of your existing property. Additionally, if your creditors do show up, they may ask you several questions, seeking explanation or clarification. After the meeting of the creditors, the next and only communication you will receive is your discharge notice.