In a previous podcast & videoblog we discussed the Chapter 7 Bankruptcy Process. In this article we will discuss what happens at the First Meeting of the Creditors in a Chapter 7 case.
When your bankruptcy petition and schedules are filed, the court will schedule a meeting with the trustee called the First Meeting of the Creditors. Although notice of this meeting is sent to everyone you list as a creditor in your petition, it is extremely rare for a creditor to actually attend.
After the meeting, you will be required to take an online financial management course. Once this occurs and once the period for creditors to object to your discharge has passed, your bankruptcy case will be closed.
At a typical meeting of creditors the trustee will first ask some preliminary questions for the record:
The trustee will then review your schedules and ask any specific questions she may have regarding your debts, assets, income and liabilities. If there are no special issues that arise, the trustee will ask the following basic questions, and may ask some follow up questions based on your answers:
I always recommend that my clients answer these questions briefly, open and honestly. I also tell my clients to remember that most of the time, these meetings are very painless and that the trustee is not adversarial.
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