What To Expect from the Meeting of Creditors for Chapter 7 Bankruptcy
Anyone filing for chapter 7 bankruptcy will be expected to show up to a meeting of creditors. This meeting gives creditors and the trustee the opportunity to question the bankruptcy claimant, under oath, regarding their paperwork and financial situation.
This can cause claimants a lot of stress if they feel unprepared or worried that a creditor may attempt to accuse them of fraudulent behavior. And while some sources report that it is rare for creditors to even show up for the hearing, you can count on the trustee being there because they are the one overseeing your chapter 7 bankruptcy case.
For this reason, it is smart to seek the counsel of a bankruptcy attorney who can prepare you for whatever questions your trustee may have for you. Here Groce & DeArmon discusses some ways you can prepare for your chapter 7 bankruptcy meeting of creditors.
Complete Your Paperwork Thoroughly and Honestly
One of the trustee’s primary goals is to confirm the truthfulness of everything you have reported on your chapter 7 bankruptcy paperwork. Before showing up to the hearing, they will have reviewed everything you’ve filed. There are certain things they have to keep an eye out for, including under-reported earnings or assets, omitted income or assets, and property that will be forfeited in the bankruptcy proceedings.
Know What Property Is Exempt
One thing you do not want to happen in your chapter 7 bankruptcy hearing is that you find out that what you thought was exempt property is, in fact, not. While the trustee isn’t trying to hound you or take your things, they will be obligated to make note of non-exempt property and assets that will have to be forfeited in the bankruptcy. If you aren’t sure how to determine which of your property and assets will be exempt and which will not, meet with Groce & DeArmon for a free consultation.
Prepare for These Questions
While the questions asked by the trustee in your bankruptcy case will largely be dependent on the nature of your case, there are some that everyone filing can expect to hear.
First and foremost, your trustee will likely ask about your awareness of everything you have filled out. They ask this question because they have to legally establish your confidence in your filing.
Other similarly simple but necessary questions may follow, including whether you listed your property accurately, whether you included all of your creditors, and questions about your income. While these questions may seem redundant, the trustee needs to know that you are being truthful.
Situational questions will include things about alimony and child support, other legal action being taken against you, any changes to the information you reported that will be important, and more.
Prepare For Your Chapter 7 Bankruptcy Hearing with Groce & DeArmon
The questions above are but a handful of what the trustee may ask at your hearing. In order to best prepare for the hearing and the chapter 7 bankruptcy proceedings in general, you will want the help of a skilled and experienced bankruptcy attorney. Groce & DeArmon is a dedicated bankruptcy law firm, serving the southwest Missouri area with insights and representation that can’t be found anywhere else in the area. To get started, give us a call to set up a free consultation today. Reach us online or call 417-862-3706 to reach our office during business hours.