What Happens After A Bankruptcy Is Filed?
Once the petition for bankruptcy is filed, an immediate stay will go into effect. This means that creditors can no longer talk to or call the debtor directly, nor can they claim any property as settlement. A month after this, the trustee will call a meeting with the debtor and creditors - this is called the 341 meeting. Objections, if any, are negotiated and resolved; if there is no resolution and disputes remain, a judge will arbitrate. If there are no objections, the meeting could be over in five to ten minutes.
