If you have filed for bankruptcy in New York, then you will likely receive notification about one month after filing of the first meeting of creditors. The debtor is responsible for attending this meeting of creditors, and the trustee and your attorney will provide you the notification about the date and location. Creditors will rarely attend a Chapter 7 bankruptcy meeting, but some may attend a Chapter 13 meeting especially if there are questions about the aspect of the plan proposed. Working with a bankruptcy attorney you trust is strongly recommended.

Objections to the plan are usually resolved via negotiation between the creditor and the debtor’s counsel or the debtor. If a compromise cannot be reached in this situation, then a judge will interact. This meeting of creditors can seem very nerve-wracking, but it typically will only last for a couple of minutes. The majority of Chapter 7 filings have no non-exempt assets, but if you do file for Chapter 7 with non-exempt assets, you will need to turn it over to the trustee after this meeting. The trustee will then sell the property and distribute the proceeds to your creditors.

If the property is not worth a lot or would be challenging to sell, then the trustee will either abandon the property or return it to you. There are 60 days for the creditors and any trustees to challenge your right to receive a discharge. If there are no challenges to your request for a bankruptcy discharge you will get a notice from the court that your dischargeable debts have been eliminated within 3-6 months. Consulting with a New York bankruptcy attorney during this process can be very helpful so that you are clear on what to expect and prepared for each stage of the process. The law office of Jayson Lutzky, P.C. represents clients in personal, Chapter 7 bankruptcy cases. Mr. Lutzky is an attorney with over 32 years of experience who offers free in-office consultations. Call 718-514-6619 to set up an appointment or request more information at www.MyNewYorkCityLawyer.com.