After The Meeting Of Creditors, You’re Almost Done
What happens after the meeting of creditors (sometimes called the 341 meeting) depends in large part on your specific case. However, in all cases, you must complete the financial management course, and your attorney must file a certificate of completion. The court will not enter a discharge until the certificate is filed.
In a Chapter 7 bankruptcy, if there are any non-exempt assets in your case, then the trustee may take possession of the property, sell it, and use the proceeds to pay your creditors. If there is little to no equity in the non-exempt property, it’s likely the trustee will abandon the property, and it will remain in your possession.
Other proceedings may occur after the meeting of creditors, such as motions to avoid liens on exempt property. Also, this is the time period you must make good on any plans you stated in your statement of intention. For example, if you plan to reaffirm a debt, now is the time the creditor will send you a reaffirmation agreement. If you intend to surrender any property, this is when you must do it.
Creditors have 60 days from the meeting of creditors to object to a discharge of the debts you owe them. What that means is that is the soonest the court can enter a discharge in a Chapter 7 case is 61 days from the meeting. The court will close your case shortly after that, usually within 30 days or so.
The process in a Chapter 13 bankruptcy is somewhat different. Your plan will not be confirmed until after the meeting of creditors and, of course, your discharge won’t enter until between three and five years from when your case was filed.
Talk To A Colorado Bankruptcy Lawyer About The Meeting Of Creditors
If you are thinking about Chapter 7 or Chapter 13 bankruptcy, consider sitting down with a Denver bankruptcy attorney to learn more about the process. The key in making sure that your bankruptcy takes place without a hitch is being prepared. You can schedule an appointment for a free, no-obligation consultation by calling 303.331.3403 or by using our online scheduling system.
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