In chapter 7 Bankruptcy, what is the purpose of the meeting of creditors?

Question

When can a creditor no longer repossess property that is unsecured?

Answer 1

bankruptcy is a method of removing the people that you own money. are many Cain of bankruptcy's some they lose all the money and i mine thous that they gave you the lawn.others loose 90% of their money,that get only 10C to a dollar .the lender lose the money,but the person file a bankruptcy, is strip from all his right of own anything in his name ,only 1,000.00  including his cloths, and for 12 years he can't file bankruptcy any more.his credit is shot for many years to com.some corporations calme bankruptcy and move the buzines some place Al's with different name,and continues the buzines.

Answer 2

the purpose is for any one having claims that are secured. Most credit card companies will not show but mortgage and car lenders will

Answer 3

The purpose of the 341 meeting is twofold: to give your Chapter 7 Trustee an opportunity to question you, and to give your creditors an opportunity to question you.  

Secured creditors will show up at the meeting to find out if you're going to keep the collateral and whether it is insured, or if you're surrendering it, they'll want to know where it is and what kind of condition it's in.

Contrary to what the first answerer said, unsecured creditors appear at 341 meetings on occasion.  If you made any charges that seem fraudulent, they'll want to know what you used the card for and whether you intended to pay it back.

The Chapter 7 Trustee will ask you questions to help him determine whether you have any non-exempt assets he can sell or any money he can collect.

Answer 4

A creditor could have knowledge of property that is not scheduled on the bankruptcy petition.   The debtor is obligated to list all of debts and all liabilities.   One other purpose of the creditor appearing is to determine if there is any fraud involved.  Lawyers usually pass on the work involved in proving fraud to the satisfaction of the bankruptcy judge.  Plus, my speculation, the lawyer alleging fraud creates a problem for the system based on the court's high volume of cases.