The First Meeting of Creditors occurs about 30 days after a bankruptcy case is filed. The judge does not preside, but instead a bankruptcy trustee is assigned to the case and assesses the completeness of filed paperwork and full disclosure. The trustee will consider equity in assets to determine the proper amount to be paid […]
A bankruptcy trustee is appointed in all Chapter 7, 12, and 13 cases and in some Chapter 11 cases. The trustee administers the bankruptcy estate and presides at the first meeting of creditors (also called the “section 341 meeting”). In a Chapter 7 case, the trustee liquidates the debtor’s non-exempt assets by collecting and selling […]