Meeting of Creditors
Legal Guidance for This Important Bankruptcy Process
When you file for Chapter 7 or Chapter 13 bankruptcy, you will need to attend a meeting of creditors. The outcome of this meeting can significantly affect your overall bankruptcy case, so it is important to enter the meeting prepared. Teaming up with the Law Offices of Wax & Wax in Glendale is a good starting point. Let our bankruptcy lawyers counsel or represent you during the meeting of creditors and throughout every part of your bankruptcy filing.
What is a Bankruptcy Meeting of Creditors?
After you file for bankruptcy, creditors to whom you owe a debt will be notified about your bankruptcy filing. They will be invited to the meeting of creditors, which they can choose not to attend. Many creditors don’t attend a meeting of creditors if the amount of debt they are owed is relatively small. The purpose of the meeting of creditors is to give the attending creditors a chance to ask questions about your debts and bankruptcy, possibly to challenge its validity, or to prepare to “stake a claim” to your assets.
Your bankruptcy attorney can attend your bankruptcy meeting of creditors to offer counsel or act on your behalf. We recommend you call us at (818) 946-0608 immediately if you have already filed for bankruptcy but aren’t prepared for this important meeting.
What Happens After a Bankruptcy Meeting of Creditors?
What happens when your meeting of creditors ends depends on your bankruptcy chapter:
- Chapter 7: When your Chapter 7 bankruptcy meeting ends and if all parties are satisfied, there will be a 60-day period during which the creditors can decide to object to your debt’s discharge. If they don’t want to object, then your debt discharge can go as planned. If they do object, then you will need to prepare for additional legal action, which our attorneys can handle if you wish.
- Chapter 13: When your Chapter 13 bankruptcy meeting of creditors ends, you might be required to attend a confirmation hearing in court with the approval of a bankruptcy judge. If the judge sees no reason to question your debt restructuring and repayment plan, then it will begin as planned.
How Long Does a Creditors Meeting Take?
Are you nervous about being in a room with creditors who can pick your debt apart? You might find some solace in knowing that the average bankruptcy meeting of creditors lasts less than half an hour. The meeting could last longer if you have significant debt owed to many credits. Yet, for the average person who is filing Chapter 7 or 13, the meeting will go by quickly, especially if you allow a professional bankruptcy lawyer to represent you during it.
Prepare for Your Meeting with Our Counsel
The outcome of your bankruptcy meeting of creditors can be influenced entirely by your preparation. We can help you figure out what documents to bring to your meeting, what questions you can expect to be asked, what creditors you should plan on being there, and more. It all starts with getting our Glendale bankruptcy attorneys on your side as soon as possible. Our outstanding counsel and legal services are standing by!
Contact us online and tell us how we can help you with your bankruptcy filing.