What is the Meeting of the Creditors?
A meeting of creditors is a required part of the bankruptcy process. The meeting is coordinated by the trustee of your bankruptcy case and involves a thorough investigation of your claim. This investigation aims to identify fraud and review your financial holdings and credit history.
Although it is rather uncommon for creditors to actually appear at this meeting, it is required for debtors entering into bankruptcy to provide the option. If your creditors do show up, they may ask you a number of questions pertaining to your debt, assets and transactional history.
When you show up to a meeting of creditors, you’ll have to bring some essential documentation, which may include:
- Photo identification
- Proof of Social Security number
- Copies of your mortgage documents
- Vehicle titles
- Deeds for owned property
- Bank statements
- Pay stubs
- Tax returns
The proper handling of your meeting of creditors is crucial to your financial future, as illustrated by the case of Mountview Foods Ltd. In this case, creditors brought suit against Mountview Foods for failing to follow specific procedures during the meeting of creditors. This ended up costing the company even more money during the bankruptcy process.
If you are filing for bankruptcy in Georgia, it is particularly important to have all of your affairs in order when attending the meeting of creditors. To make sure you fulfill all of your legal obligations, seek the advice of a skilled bankruptcy attorney and financial professional. Through good preparation, you can make the entire process go much more smoothly for you or your business.