After one files bankruptcy, it doesn’t have to mean the end of his financial future or end of all financial problems either. An automatic stay is issued immediately after one file, which prevents those to whom the debt is owed from further collection activities. The bankruptcy court will send a “Notice of Commencement of Case” to all the creditors and inform them about the petition and the date of the first meeting. After a month, a meeting is arranged with all of your creditors to discuss your bankruptcy. Though all the creditors may not attend the meeting, but the bankruptcy trustee will definitely attend.

At the first meeting with the creditors, the bankruptcy trustee will go over your bankruptcy papers with you. The trustee may question about your assets, debts and other aspects of you financial situation or look for discrepancies and inaccuracies in the amounts you’ve put down on your bankruptcy papers.
At this meeting, the list of property that you have not claimed to be exempt is given to the bankruptcy trustee for liquidation. You will be well-informed in the meeting that you are forbidden from selling, giving away or throwing away any of your property without the consent of the bankruptcy court. It is only the bankruptcy trustee who can undertake the process of selling off your assets to pay your creditors.

Usually, the time period for filing for bankruptcy and obtaining a discharge usually last from four to six month. Until you obtain a discharge, you have the right and request for the dismissal of the bankruptcy.