With the help of your bankruptcy attorney in Aurora, you’ve made the decision to file for Chapter 7 or Chapter 13 bankruptcy. Through this process you’ll have several meetings with various people. One of these meetings, the meeting of creditors, might seem a little scary, but with your Aurora bankruptcy lawyer by your side, you have nothing to worry about.
What Is the Trustee’s Role?
The trustee is an official tasked with reviewing your financials, bankruptcy papers, and eventually distributing money to your creditors. The trustee makes sure your financials are in order, there are no hidden assets, properties, or money, and the unsecured creditors are getting the money they deserve. If you have further questions about the trustee’s role, consult your bankruptcy law firm serving the Chicago area.
Who Can Come to the Meeting?
At a meeting of creditors, many debtors might be worried they’ll be faced by angry creditors and people demanding money. Creditors are notified of the meeting, but usually won’t appear. A creditor might attend only if they have a question regarding suspicious transactions, or they want to know your plan for your secured property, such as a car or home. Typically, a meeting of creditors can include you, your Aurora or Chicago-area bankruptcy lawyer, and the trustee. The meeting itself will be quick, especially if your financials are in proper order. Your bankruptcy lawyer will help you to prepare for this meeting.
What Questions Should I Expect?
The trustee is not there to interrogate you. The trustee is responsible for making sure your creditors get as much money as possible repaid to them. They will ask you, or your bankruptcy attorney, a series of questions about your assets, money and policies owed to you, and tax information. If you own a business that might be affected, there will be additional questions.
In the end, a meeting with your bankruptcy trustee is straightforward.