The Creditors' Meeting - BANKRUPTCY
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BANKRUPTCY: The creditors' meeting
The first event of importance after the filing of the petition is the creditors' meeting, which will be held approximately one month after the filing of the case. At this meeting, creditors may question the debtor regarding his or her assets and liabilities and on any other matter permitted by the Bankruptcy Code or Rules.
The debtor's answers are given under oath. The meeting is usually valuable to secured creditors, who can examine the debtor as to the status of their collateral (for instance, whether the collateral is properly insured) and ask the Chapter 7 trustee to abandon collateral in which there is no equity and which, therefore, cannot be liquidated for the benefit of other creditors. In addition, the meeting is a convenient time for creditors to negotiate with the debtor about the return of collateral or the resumption of payments.
Creditors should receive a notice from the Bankruptcy Court, which states the date, time, and place of the meeting. Although the creditor may be represented by an attorney at the meeting, that is not required. Creditors may appear directly or by in-house non-lawyer representatives.
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