Saturday, February 13, 2016

Bankruptcy - preparing for the creditors meeting

Image courtesy of Stuart Miles
The work doesn't stop once the case is filed. After a case is filed, a trustee is appointed and a creditors meeting is scheduled. During the creditors meeting, the trustee takes the debtor's testimony under oath and confirms the validity of the information supplied in the case documents filed by the debtor's attorney.

The trustee requires a collection of documents prior to the creditors meeting. The trustee needs to see the debtor's federal tax returns, bank statements, mortgage and real estate documents, asset valuations and appraisals, updated paystubs, and other documents depending on the facts of the case. These documents must be submitted to the trustee at least seven days prior to the meeting. 

If the documents are not submitted in time, the debtor's case can be dismissed. While most trustees in the district I practice will probably not try to dismiss a case with a late filing, they may cancel your meeting and reschedule it for another date. This is an incredible waste of time especially when the case is continued while you are sitting at the table ready to start the meeting.

So, it is important for debtors to cooperate with their attorneys. This is not the time to become complacent. Failing to provide updated documents in a timely manner can cause your case to be continued or dismissed.

 If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at

#bankruptcy #Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania

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