Creditor's Meeting, Am I getting this right?

[Taffycat]

What is the name of your state? NC

Am I understanding correctly what I am reading here?

If your creditor doesn't show up at the 341 meeting, does that mean they don't want the collateral back & you don't have to worry? Or is it simply to say if the debt is UNsecured, the creditor usually won't show?

What can a creditor do within the 60 days following? Decide that they want the collateral back after all?

Maybe I'm missing something. Can anyone clarify for me?

Thanks,
Taffy

 

[racer72]

Collatoral creditors do not have to appear at the 341 meeting. Only unsecured creditors do. Collatoral creditors are under no obligation to release their interest in the property, the filing of the bankruptcy only temporarily stops their collection efforts. As soon as the bankruptcy is dismissed, they may seize their property.

 

[Taffycat]

So is that to say that AFTER the bankruptcy is discharged that they can come back in & take any secured property?

Or is this only if (for whatever reason) the bankruptcy gets dismissed, THEN they can take your property?

I'm sorry, I guess I'm trying to learn so much before I go in & file on Tuesday, that perhaps I'm confusing myself.

I really need to be prepared & informed on this issue. So are you suggesting that after my bankruptcy is all completed, that the mortgage, auto & computer companies COULD all step in & say "hey, I've decided I want this back, and will no longer agree to you making payments?

By the way, I'm referring to a CH 7

Thank You Much,
Taffy

 

[Ladynred]

What it means is that if you have secured property, home, car, computers, that you have NOT reaffirmed on, then, once the discharge is granted, they can continue collection actions. Cars will be repo'd, houses will continue foreclosure. Some creditors apparently never show up to take their collateral back.. strange but true.

As for the 60 days following your 341 hearing, all that does is give the creditors 60 days to object to your bankruptcy and try and have it dismissed. If they think there is fraud involved, that's when they make a stink. If the 60 days passes w/o any objections, you get your discharge.