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Should you worry about a Chapter 13 creditor meeting?

On Behalf of | Oct 29, 2021 | Chapter 13 Bankruptcy

If you file for Chapter 13 bankruptcy, you will need to attend a creditor meeting. These take place between 21 and 50 days after you file.

If you have spent months trying to avoid your creditors, meeting them face to face may be the last thing you want. Yet, you should not worry too much. The meeting is often more of a formality than anything else — and your creditors may not even bother to attend. Many consider it is not worth their time and will be happy to leave it to the trustee to ensure that everything is in order.

Mistakes during your creditor meeting could harm your bankruptcy filing


While you may not have to worry about facing your creditors, the meeting is not inconsequential. You are obliged to attend, and errors could lead to complications. Two things you need to remember include:

  • Ensure your asset assessments are accurate: Do not be tempted to undervalue assets in an attempt to keep them. Trustees deal with hundreds of people in similar situations and will have a fair idea of the worth of items. Knowingly giving false information could lead to legal charges.
  • Avoid moving assets or failing to declare them: Leaving assets off the list, or transferring them to someone else to hide them from creditors, is also forbidden. You would be acting illegally in doing so and could be penalized for it. Remember that creditors may hire someone to check on you if they think you can pay more than you let on.

Like many elements of the Chapter 13 bankruptcy process, there is a lot of false information out there about creditor meetings. Finding out more about what happens will be crucial to reducing unnecessary stress and avoiding costly mistakes.