Talking About Filing Bankruptcy

About Me

Talking About Filing Bankruptcy

Hi, I’m Vera Poluccio. When I was going through my divorce, I spent way too much on my credit cards to support the lifestyle I was used to. When the reality of my finances set in, I was unable to recover from the credit card payments. As I slipped into a financial hole, I had to research various ways to avoid bankruptcy. Unfortunately, I was unable to avoid this inevitability, so I hired a bankruptcy attorney to walk me through the process. The attorney was able to help me discharge my debts and start off with a clean slate. My site will cover all aspects of the bankruptcy process. Thank you.

Latest Posts

An Overview Of The Chapter 13 Meeting Of Creditors
13 January 2022

Are you preparing to use Chapter 13 bankruptc

Changing Up Your Chapter 13 Plan: What to Know
9 September 2021

It's safe to say that almost all consumers go for

Tips For Filing Bankruptcy When You're Really Broke
31 March 2021

People often need to file for bankruptcy when they

What Will Your Chapter 13 Plan Look Like?
31 July 2020

Anyone using Chapter 13 bankruptcy law to restruct

3 Misconceptions About Bankruptcy
27 May 2019

You might know a lot about bankruptcy or very litt

An Overview Of The Chapter 13 Meeting Of Creditors

Are you preparing to use Chapter 13 bankruptcy law stipulations to file for bankruptcy and not sure what to expect? One of the things that you'll have to do is attend the meeting of creditors at the beginning of the process. Here is what you need to know about this administrative hearing. 

What Is The Purpose Of The Meeting Of Creditors

The main reason to have the meeting of creditors is for the bankruptcy trustee to ask you questions about the bankruptcy petition. There are a series of routine questions that are typically asked, and there should not really be any surprises about what you will be asked because of this. You may get some specific questions related to your bankruptcy filing, but it will be about things that you listed in the petition.

However, it is also an opportunity for creditors to show up and ask questions as well. It is not likely that this will happen, but it is possible. 

Where Is The Meeting Of Creditors Held?

While it is common to have the meeting of creditors at your local courthouse, you may have a virtual meeting of creditors as well due to the current pandemic. What makes a virtual meeting different is that many aspects of the meeting are done in writing rather than verbally. However, you are subject to perjury laws if you falsify the answers to the questions, since all forms are submitted to the court prior to the meeting. 

What Questions Are Asked By The Bankruptcy Trustee?

Some of the basic questions that will be asked will revolve around if you listed all of your assets and debts in the bankruptcy petition. You'll also be asked about claims and lawsuits that you may have pending, as well as existing child and spousal support obligations. Expect to be asked about your current employment situation, and to verify your income as well. 

The trustee will want to know if you have repaid any debts to creditors within a specific period of time, and you need to be honest about whether you have. Even if you paid back a creditor before you filed for bankruptcy, that payment could be clawed back due to the proximity to the bankruptcy filing. 

If you submitted written answers to the trustee's questions, you'll likely be asked about if you personally filled out the documents, and if what was written in the documents is truthful.