What happens after my Chapter 7 Bankruptcy 341 Meeting of Creditors?

Once you and your lawyer have gone to the "341 Creditor's Meeting" for your Chapter 7 Bankruptcy, your creditors have 60 days to object to your bankruptcy. They have to have a valid reason to do so, they can't just complain because they don't like it that yet another person will be legally protected from collection. It is unlikely that this will happen, especially if your bankruptcy was handled the right way from the start. The best way to protect against this from happening is to:

  • Listen carefully to everything that your bankruptcy lawyer has asked you, and give honest and complete answers
  • Make sure that you aren't incurring new debt and using those old credit cards once you have decided to file for bankruptcy. Big spending right before a bankruptcy is a sure way to get in trouble.
  • Go over everything with your lawyer before your bankruptcy is filed. Make sure that you understand what is happening and ask lots of questions to your bankruptcy attorney if anything is nagging in the back of your mind.

Assuming that everything goes smoothly and your creditor's don't have any legitimate reasons to complain (and thus, won't bother objecting to your discharge in bankruptcy), nothing really will happen in the 60 days after your bankruptcy. You may be asked to decide what you want to do about secured debts like your car, but typically you will just wait and if no one has objected after your meeting and there are no assets to distribute to creditors, you will receive a paper in the mail to confirm that your bankruptcy case is over and your debts discharged. 

Wondering about bankruptcy in Illinois? Call O'Connor Cadiz law to find out more about bankruptcy in the Chicago area. 630 250-8813