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If I claim bankrupsy now, and qualify for ch 7, then have the

creditors meeting later this month...
If I claim bankrupsy now, and qualify for ch 7, then have the creditors meeting later this month, how long is the " term" for the bankrupsy and what happens in that time? Is that when the trustee investigates my claims and after he or she does is that when the judge clears it?
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Answered in 1 minute by:
5/7/2012
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification.

WALLSTREETESQ :

After the 341 meeting of creditors, if you have no assets to distribute, withing 3 months you would receive discharge letter, stating that your bankruptcy case was closed and discharged.

WALLSTREETESQ :

At that point your bankruptcy is over.

WALLSTREETESQ :

At the 341 meeting, the trustee will ask you questions regarding your financial history,

WALLSTREETESQ :

and to see if you have any assets to pay creditors, if you do not, then the case would be closed, and the discharge would follow.

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask.

Customer:

Oh, ok, so why does it take so long to recieve a discharge if you have no assets? Thank you!!!

WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified
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WALLSTREETESQ
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
17,253 Satisfied Customers
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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