After the Meeting of Creditors in a Typical Chapter 7 Bankruptcy

by Douglas Jacobs, Esq.

August 30, 2009

The meeting of creditors in a normal consumer Chapter 7 Bankruptcy is often the last thing that the debtor has to do.   There is a debtor education course that has to be finished after the bankruptcy is filed, and it must be completed within 45 days of the meeting, but most debtors get it out of the way before hand.

Occasionally something comes up at the hearing with the trustee that needs attention but that is pretty rare.  The trustee at the meeting will ask you questions about your assets and about the Statement of Financial Affairs.  If there is an asset that wasn’t properly listed, the schedules will have to be amended.  If something was given away within the past two years or, if you paid an unsecured debt back within the look-back period (3 months or 1 year for an insider) then the trustee may want to proceed further.  But other than those things, it’s pretty rare for there to be any issues.  And if you have been honest with your attorney and listed everything on the paperwork, he or she will be well prepared for the meeting and any problems will probably have been resolved in advance.

More often than not, after the meeting the only thing to do is to wait 60 days for the notice of discharge.

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Douglas Jacobs is a California bankruptcy attorney and partner in the Chico law firm of Jacobs, Anderson, Potter & Chaplin. Since 1988, Mr. Jacobs has taught Constitutional law and Debtor-Creditor/Bankruptcy law at the Cal Northern School of Law. He has served as Dean of Students since 1994. He is a frequent lecturer on the subject of consumer bankruptcy law, and has spoken at both state and national levels.

Last modified: October 22, 2012