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What happens at the Chapter 7 meeting of creditors?

For people in Tennessee who are experiencing financial problems, Chapter 7 bankruptcy can be a sound strategy to get back into a better position and move forward with their lives. The benefits of Chapter 7 are that it is relatively easy and will clear most unsecured debt. However, debtors are often concerned about how the process goes. Included in that is the meeting of creditors. Knowing how the meeting of creditors is handled can help a debtor prepare for it. If this is a sticking point in deciding to file for Chapter 7, it need not be.

After the Chapter 7 petition has been filed, the case trustee will hold the meeting of creditors within 21 to 40 days. In circumstances where the meeting is scheduled at a location where there is no regular trustee or bankruptcy administrator, it can be held up to 60 days after the petition was filed. In the meeting, the debtor will be placed under oath. The trustee and creditors have the right to ask questions of the debtor.

It is required that the debtor attend the meeting of creditors and answer the questions pertaining to the debts and his or her property. Married couples who have filed jointly are required to attend the meeting of creditors and answer questions from the trustee and the creditors. After the meeting of creditors, the U.S. trustee will report to the court within 10 days as to whether the case is legitimate or can be presumed to be abuse under the means test.

As with any issue when filing for Chapter 7, it is not unusual for people to be worried about how the process works. The meeting of the creditors might sound intimidating, but when fully prepared by an experienced attorney, it is only part one step to getting a fresh financial start. Contacting a lawyer experienced in Chapter 7 bankruptcy can help.

Source:, "Chapter 7 -- Bankruptcy Basics -- How Chapter 7 Works -- Between 21 and 40 days...," accessed on Nov. 21, 2017

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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