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Creditors meeting important part of filing for Chapter 7

If your debts have grown to the point where it's impossible for you to ever regain financial solvency, it may be time to seriously consider the advantages of filing for Chapter 7 bankruptcy. Qualifiers for Chapter 7 are able to get many of their debts dismissed while also having other processes, such as foreclosure, halted while getting their finances in order.

While the process is fairly straightforward, there are several steps you will need to take prior to having your request for Chapter 7 bankruptcy granted by the court. One of these required steps is attending a creditors meeting. The meeting is convened by the case's trustee, and you are expected to attend. If you should fail to make this meeting, your case could be dismissed, meaning you will not be able to move forward with your filing.

At this meeting, you will present your documentation and any other information that is pertinent to the trustee. Your documentation will include such things as your latest tax returns. The trustee will also look over your records to determine if you possess any property that is deemed as nonexempt. You may have to turn over nonexempt items or provide a payment equivalent to their value.  But remember, essentials such as cars, furniture, and clothing are exempt, and you will retain possession of those things.

There are two good things about the creditor's meeting. First, it will likely be the only time you have to appear in court. Second, once successfully completed, your eligible debts could be dismissed in a few months.

If you want to complete your Chapter 7 filing as smoothly and quickly as possible, it can be extremely beneficial to have the assistance of an experienced debt relief attorney. An attorney can offer you guidance on how to prepare for every step of the process so that when the time comes, you have the best chance of having your requests granted by the trustee and the court.

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