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I filed for Chapter 7
bankruptcy and have to attend a mandatory hearing called the "meeting of creditors." What happens after I attend my meeting of creditors?
When you file for Chapter 7 bankruptcy, you have to attend a
mandatory hearing called the meeting
of creditors (also called the 341 hearing). But simply attending the 341
hearing does not mean that your bankruptcy case is over. Read on to learn more
about what happens after your Chapter 7 bankruptcy meeting of creditors.
To learn more about the Chapter 7 bankruptcy process, see
in the Bankruptcy Case: Start to Finish topic area.
At the meeting of creditors, the bankruptcy
trustee and your creditors are allowed to ask you questions about your
financial affairs and the information disclosed in your bankruptcy papers. In
general, creditors rarely attend these hearings.
If the bankruptcy trustee is satisfied with your answers and
supporting documents, the meeting of creditors will be concluded. But if the
trustee requires further information or documentation from you, he or she will
continue the hearing to another date.
If the bankruptcy trustee concludes your meeting of
creditors, it means that he or she is satisfied with all of the information you
provided and you don’t need to come to another hearing with the trustee.
However, just because your meeting of creditors is concluded
doesn’t mean that you are immediately entitled to a discharge. Creditors can
still file objections to your discharge within 60 days of the first date set
for your meeting of creditors. Also, if you have not already done so, you will need
to complete a debtor education course (also called a financial management
course) before you can receive a discharge. If no creditor objections are filed
by the deadline and you have satisfied all other requirements, you will receive
your discharge in the mail.
For more information on the Chapter 7 bankruptcy timeline
and what you need to obtain a discharge, see Steps
in a Chapter 7 Bankruptcy Case.
The bankruptcy trustee will let you know exactly what he or
she needs from you at the meeting of creditors. The trustee will also give you
a continued hearing date to allow you to gather all of the necessary documents.
Typically, you will need to send in the documents prior to the next hearing so
that the trustee can review them. If the trustee is satisfied with what you
provided and has no further questions, he or she will let you know whether you still
need to appear at the next hearing or not.
by: Baran Bulkat, Attorney
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Discharging Debt in Bankruptcy
Should You File Bankruptcy?
Planning for Bankruptcy
Using a Bankruptcy Lawyer
Your Home in Bankruptcy
Your Car in Bankruptcy
The Automatic Stay
The Bankruptcy Trustee
Bankruptcy's Meeting of Creditors
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