One of the common questions I get from a bankruptcy client is whether or not my creditors will show up at my 341 meeting? The answer is that creditors rarely show up at the meeting of creditors. The reason that it is very rare that creditors show up is that the bankruptcy trustee does the creditors job for them. The trustee asks about assets and liabilities and makes sure that there are no assets to distribute in a Chapter 7 or a Chapter 13.

In some rare circumstances, a creditor or really their attorney will show up for a meeting of creditors. Generally, from my experience a creditor will show up when there is some kind of fraud in the case or a person who just simply doesn't understand the notice of bankruptcy shows up and wants to know how to proceed. It is important to disclose to your Chicago bankruptcy attorney all information regarding any assets and liabilities. In sum, as your attorney I need to know what are the pertanent issues regarding the filing of your case. Fraud is a very serious criminal act in bankruptcy. Fraud generally includes the failure to list assets, running up debt right before filing, or transferring property to another person in order to hide it from the bankruptcy court. The vast majority of my clients are honest and forthright about all their assets and liabilities when they speak with me. Certainly, it is imperative to disclose all assets and liabilities when filing and to be honest when filing bankruptcy. If you are considering bankruptcy please feel free to call my office for a free consultation at 312-489-8182!