Preparing for the meeting of creditors
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Preparing for the meeting of creditors

| Apr 16, 2021 | Bankruptcy |

To receive bankruptcy relief, people must complete each step of the process, including attending the meeting of creditors. Attended by bankruptcy filers, their creditors and the trustees assigned to cases by the court, the meeting of creditors plays a vital role in bankruptcy cases.

Preparing for the meeting of creditors may help bankruptcy petitioners know what to expect and ensure they put their best feet forward during these hearings.

Review petition information

Before attending the meeting of creditors, people may benefit from reviewing the details of their petitions. For instance, this may include looking back through the documentation submitted with their bankruptcy petitions, such as their financial records and statements of debt. According to the U.S. Bankruptcy Court for the Western District of Kentucky, during the meeting of creditors, people may have to answer questions about their property and liabilities, in addition to their actions, conduct and financial condition.

Submit required documentation

According to the U.S. Department of Justice, people filing for bankruptcy must provide certain documentation prior to their meetings of creditors. This includes identification documents, such as a government issued photoidentification and evidence of their Social Security numbers. Additionally, they must submit copies of their most recent federal tax income returns to case trustees at least seven days before their meetings of the creditors take place.

Familiarize with the information sheet

The U.S. DOJ also recommends that people review the bankruptcy information sheet before the meeting of creditors. This document provides general information about what happens in bankruptcy cases and how these types of cases may proceed and resolve.

The meeting of creditors plays an important role in bankruptcy cases. Therefore, people seeking bankruptcy assistance may serve their interests and objectives by taking time to prepare before attending these hearings.