Loqyot Diga

What happens at the creditor’s meeting in a chapter 7 proceedings?
A meeting of creditors is usually held 20 to 40 days after the petition is filed. The trustee runs the meeting and, after swearing the debtor in, may ask the debtor questions about the bankruptcy and the papers filed. This meeting takes place somewhere in the courthouse rarely lasts more than a few minutes. In the vast majority of Chapter 7 bankruptcies, this is the debtor’s only visit to the courthouse. The debtor must attend this meeting, at which creditors may appear and ask questions regarding the debtor’s financial affairs and property. Bankruptcy Attorneys Tampa If a husband and wife have filed a joint petition, they both must attend the creditors’ meeting. The trustee is required to examine the debtor orally at the meeting of creditors to ensure that the debtor is aware of the potential consequences of seeking a discharge in bankruptcy, including the effect on credit history, the ability to file a petition under a different chapter, the effect of receiving a discharge, and the effect of reaffirming a debt. To preserve their independent judgment, bankruptcy judges are prohibited from attending the meeting of creditors. Bankruptcy Attorneys Tampa.