After a bankruptcy petition is filed
Posted: Sun Jan 05, 2025 4:43 am
Filing a petition with the local bankruptcy court The formal bankruptcy process begins with the filing of a petition with the local bankruptcy court . This can be done either individually , also called pro se, or with the help of an attorney . For most people, hiring an attorney is the best way to ensure that each form is completed accurately and that their assets are protected as much as possible.
The court will appoint a trustee and set a date for a meeting of creditors. risk managers email database Although the depositor's creditors are invited to attend, they are not required to do so. The depositor, however, is required to attend and will be questioned by the trustee, under oath, and the meeting will be recorded. This meeting is generally the only appearance required of the depositor, unless there are special circumstances.
Wait for the final decision of creditors After the meeting of creditors, often called a 341 meeting, creditors have 30 days to object to the filer's property exemptions and an additional 30 days to object to the discharge if the filing is a Chapter 7 bankruptcy . In a Chapter 13 proceeding, creditors can object to the payment plan, but a discharge will not be granted until the payment plan is completed.
The court will appoint a trustee and set a date for a meeting of creditors. risk managers email database Although the depositor's creditors are invited to attend, they are not required to do so. The depositor, however, is required to attend and will be questioned by the trustee, under oath, and the meeting will be recorded. This meeting is generally the only appearance required of the depositor, unless there are special circumstances.
Wait for the final decision of creditors After the meeting of creditors, often called a 341 meeting, creditors have 30 days to object to the filer's property exemptions and an additional 30 days to object to the discharge if the filing is a Chapter 7 bankruptcy . In a Chapter 13 proceeding, creditors can object to the payment plan, but a discharge will not be granted until the payment plan is completed.