What happens during the bankruptcy process?
When filing under Chapter 7, you must file several forms with the bankruptcy court listing income, expenses, assets, debts and property transactions for the past two years. A court- appointed trustee is assigned to oversee your case (the trustee does not represent your interests). About a month after filing, you must attend a meeting of creditors where the trustee reviews your case and asks questions. Your creditors holding secured debt have the right to attend and ask you specific questions regarding your assets. Any of your creditors, secured or not, may demand that you attend a “Debtors Exam” where they may question you about assets, income, employer’s name and phone number, ability to pay, location of your personal property, and more. You have the right to be represented by an attorney at these meetings. If you have any nonexempt property, you must give it (or its value in cash) to the trustee. Bankruptcies are typically discharged three to six months after this process is complete
