The Meeting of the Creditors provides several purposes. First and foremost, the trustee makes sure that you have properly listed all of your assets and debts. Bankruptcy fraud is very real and the trustee has an obligation to make sure that every debtor approachs the bankruptcy process honestly. If you do have assets that exceed the exemptions in Maryland or Washington, D.C. your creditors will have a claim. The trustee’s job is to distribute those assets.* Secondly, the trustee is there to verify your identity and social security number. Accuracy is vital in the world of bankruptcy. Finally, in a Chapter 13 the trustee must make sure that you’re Chapter 13 plan is feasible, i.e. do you have enough income to make your “repayment plan” work. At my firm, we’ll prepare you for the meeting of the creditors and you’ll be ready for any and all questions.
*Remember that both Maryland and Washignton, D.C. offer generous exemptions…you should be able to keep all of your assets.
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