What Happens If You Forgot To List A Creditor?

What happens if you forgot to list a creditor in Chapter 7?

When money is available, it’s considered an asset case.

Any debt you fail to list in an asset case won’t be discharged.

If, however, yours is a no-asset Chapter 7 bankruptcy (there’s no money to repay creditors), the debt still might be discharged..

Do creditors usually attend 341 meetings?

The meeting of creditors (also called the 341 hearing) is a mandatory hearing almost all bankruptcy debtors must attend. At the 341 hearing, creditors have the right to ask you questions under oath about your bankruptcy papers and financial affairs. But in most cases, creditors rarely attend 341 hearings.

What happens if you forget to list a creditor?

If you don’t list a creditor or don’t amend your creditor schedules if you realize that you forgot to add someone, the debt you owe to the creditor may not be discharged.

Can you add a creditor after the 341 meeting?

Yes, you can still continue to add on creditors to your bankruptcy even after the 341 meeting has been concluded. Since there is a small fee to file an amendment, be sure you do have everyone his time. Your understanding of the process is correct.

Are 341 meetings scary?

The 341 meeting isn’t stressful or long. Many times creditors don’t even show up. Unless you did something that looks suspicious, like running up debts right before filing or suddenly selling valuable property, the whole question and answer session could be over in 15 minutes or less.

What can you not do after 341 meeting?

After The 341 MeetingMake nonexempt property available to the trustee. … Handle any reaffirmed debts. … If you have debts that won’t be affected by your bankruptcy filing, such as back taxes or child support obligations, you should continue making payments on those debts.Wait for creditors to file challenges.More items…

How long does it take to get discharge after meeting of creditors?

about 60 daysAssuming that everything goes according to schedule, you can expect to receive your bankruptcy discharge (the court order that wipes out your debts) about 60 days after your 341 meeting of creditors hearing, plus a few days for mailing.

What happens if you miss your meeting of creditors?

What Happens If You Don’t Attend Your Meeting of Creditors? The meeting of creditors is a required hearing in bankruptcy. … In general, if you don’t go to your 341 hearing, the trustee will dismiss your bankruptcy case without a discharge of your debts.

What questions can a creditor ask in a 341 meeting?

Along with these mandatory questions, the trustee may ask about your property and other assets, your income, your expenses, your debts, and so on. The trustee might also ask about discrepancies in your bankruptcy forms, how you came up with a value for various property items, and so on.

Can I keep tax refund after Chapter 7 discharge?

A tax refund is an asset in both Chapter 7 and Chapter 13 bankruptcy. It doesn’t matter whether you’ve already received the return or expect to receive it later in the year. … As with all assets, when you file for bankruptcy, you can keep your return if you can protect it with a bankruptcy exemption.

What happens after meeting of the creditors?

Your creditors have 60 days from the date of your initial meeting of creditors to object to your discharge. If no creditors object and you’ve completed all other requirements (such as filing your certificate of debtor education), then you’ll receive your discharge after the deadline for filing objections passes.

Do I have to list all my creditors in Chapter 7?

Bankruptcy rules require you to list all of your creditors in your schedules. If you do not, then the omitted debt might not be discharged. … A no asset case means that you do not have property that the trustee could take and sell off to pay your creditors. The majority of Chapter 7 bankruptcies are no-asset cases.