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Chapter 13: How it Works
Meeting of Creditors
Between 20 and 50 days after the debtor files the chapter 13 petition, the chapter 13 trustee will hold a meeting of creditors. If the U.S. trustee or bankruptcy administrator schedules the meeting at a place that does not have regular U.S. trustee or bankruptcy administrator staffing, the meeting may be held no more than 60 days after the debtor files. During this meeting, the trustee places the debtor under oath, and both the trustee and creditors may ask questions. The debtor must attend the meeting and answer questions regarding his or her financial affairs and the proposed terms of the plan. If a husband and wife file a joint petition, they both must attend the creditors' meeting and answer questions. In order to preserve their independent judgment, bankruptcy judges are prohibited from attending the creditors' meeting. The parties typically resolve problems with the plan either during or shortly after the creditors' meeting. Generally, the debtor can avoid problems by making sure that the petition and plan are complete and accurate, and by consulting with the trustee prior to the meeting.
Claim Filing
In a chapter 13 case, to participate in distributions from the bankruptcy estate, unsecured creditors must file their claims with the court within 90 days after the first date set for the meeting of creditors. A governmental unit, however, has 180 days from the date the case is filed file a proof of claim.
Repayment Plan Hearing
After the meeting of creditors, the debtor, the chapter 13 trustee, and those creditors who wish to attend will come to court for a hearing on the debtor's chapter13 repayment plan.
More information on later stages of a Chapter 13 case:
From the Administrative Office of the U.S. Courts
FAQs
- What are the main differences between Chapter 7 and 13?
- What happens after the plan is approved?
- I think a Chapter 13 discharge might be right for me. What debts will I be able to discharge?
- So does that mean I can file for Chapter 13 as often as I want?
- What about if I decide the trustee or creditor is right and I want to change my Chapter 7 bankruptcy. Can we just agree to do it?
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