After you have filed for Chapter 7 bankruptcy protection there are some steps that will occur that you need to be fully prepared for. One of these steps is the meeting of the creditors. This meeting gives the creditors an opportunity to question the applicant about the debts they face, the structure of these debts and how you may have managed your money prior to the filing.
Essentially creditors are seeking to find out if you have committed any acts that may not be allowed or even legal under the bankruptcy protection statutes in your state. Depending on your answers during the meeting of creditors, the filing will be moved forward, dismissed or even converted into a different chapter of bankruptcy protection.
An example of what they may look for is seeing if you have possible transferred other debts onto a credit card before filing, such as transferring student loan debt onto a credit card in the weeks or months before a bankruptcy application in order to have the debt expunged along with the rest of the accumulated debts.
This is just a small sample of what they could possibly ask, there are many others. For the most part, the creditors will usually not send a representative to question the applicant and the questions will be asked by the trustee in bankruptcy, but the option for the creditors to attend is there so you need to be fully prepared to answer any questions posed to you honestly.
By having a Texas bankruptcy attorney in your corner, you will be able to obtain peace of mind knowing that someone has your back and that you will have someone to turn to if you get overwhelmed.