What happens after the meeting of creditors in a chapter 7 bankruptcy case?

The main purpose of the creditor’s meeting is to make sure that proceeding in bankruptcy is legitimate. While anyone has the right to file bankruptcy, they can only do so if they meet certain criteria. If they don’t—such as if the debtor earns too much money in total, or too much compared to his or her debts (this is called a “means test”)—then the debtor is not eligible for a Chapter 7 bankruptcy. At the creditor’s meeting, the creditors, as well as the bankruptcy trustee, can ask questions about the debtor’s finances, to determine if a Chapter 7 filing is warranted.

The creditor’s meeting is also the time that the trustee can make sure the would-be-bankrupt debtor understands both the consequences of bankruptcy and also knows about different bankruptcy options, such as other types of bankruptcy (e.g. Chapter 13) which may have less serious or drastic consequences.

What happens after the meeting of creditors in a Chapter 7 bankruptcy case? Assuming that the creditor’s meeting does not turn up evidence that the filing would be abusive or inappropriate, and the debtor still wants to go ahead with the bankruptcy, the next step in the bankruptcy to go forward with it. The bankruptcy process is something a bankruptcy attorney can guide you through; you are strongly recommended to have an attorney assisting, advising, and representing you when declaring bankruptcy.