Scheduling the First Hearing

• Once you have filed for Chapter 7 bankruptcy, a trustee or administrator will be appointed to oversee the case. Generally, 20 to 40 days after you have made the filing, the trustee or administrator will schedule the first meeting of your creditors. Chapter 7 is available to individuals, business partnerships or a corporation, and calls for liquidation of assets.
  
  

What to Expect at the First Hearing

• At the meeting, you will be put under oath and questioned by the trustee. Your creditors may also ask questions, but according to the Colorado law firm of Wink & Wink, it is rare for your creditors to show up to the hearing. You must attend the meeting and must answer the questions about your financial affairs properly. If you are married and file a joint bankruptcy petition with your spouse, you both must attend the hearing and answer questions. Your attorney may also attend.
  
  

What the Trustee Might Ask

• The trustee will ask questions to make sure you are aware of the full consequences of declaring bankruptcy, such as what it will do to your creditworthiness, your ability to file for bankruptcy under a different chapter, the effect of discharging your debts, and the effect of reaffirming a debt. In some cases, the trustee may provide much of this information to you in written form. The trustee will also ask you a series of questions designed to find which assets you have that can be used to pay creditors. Questions may include whether anyone owes you money, if you expect to inherit anything, or if anyone is holding anything that belongs to you.
  
  

After the Meeting

• Once the meeting is complete, the trustee will report back to the bankruptcy court whether you qualify for bankruptcy. Your creditors have 60 days from the hearing to object to the bankruptcy. If there are no objections, the proceedings move to the final phase, called the discharge.