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Creditor Rights in Chapter 7 Bankruptcy

Few people believe that filing of bankruptcy is only beneficial for a debtor. However, this is not the case. Creditors have various rights and benefits as well.

The first and foremost benefit is that they get back their money that looked impossible sometime back. Next when a bankruptcy is filed in the bankruptcy court, the creditors are called for the 341 meeting so that they can clear their doubts and put their point.

However, it is very necessary for the creditor to know his rights and responsibilities as it will help him to receive payment for his claims in a timely manner and it would be hassle free.

A creditor needs to be well-informed and should respond quickly because the bankruptcy court will not for the creditor's response.

Here are few of the creditor's rights that a creditor should know when a person has filed a case under chapter 7:

1. Based on priority the creditors have right to get a portion of money that is raised from the liquidation of the property of the debtor. He must know the amount generated by the liquidation so that he can claim his share according to his priority in the whole case.
2. There is meeting organized by the trustee of the chapter 7 bankruptcy case as soon as the bankruptcy case is filed, the creditors are allowed to attend this first meeting. Here, the debtor is under the oath, so a creditor can ask unclear questions to him. This meeting is known as 341 meeting or meeting of creditors.
3. If in any case the debt requires certain repayment plan then the creditors have the right to review it and let the court know about it.
4. A creditor has a right to contest a discharge. However, if a creditor does that it is his responsibility to prove that there has been a fraud with regard to the debt on which the discharge was granted? He will need to show the proofs to the bankruptcy court.
5. If the creditors doesn't know about his rights and fail to use his rights, then there are chances that a debtor will get a discharge without paying a sufficient amount to the creditor or get the claim discharge without payment.
6. There are chances that creditors can get equitable share in the debtor's non exempt assets.
7. It is very important that you have the knowledge whether you have given a secured debt or an unsecured debt because mostly unsecured debts are discharged in case there is no asset chapter 7 bankruptcy filing. First priority is always given to the secured debt and the leftover money after the liquidation is distributed among the unsecured debtors by the trustee. For this the trustee charges a nominal fee as well.

If you would like to learn more about bankruptcy chapter 7, I highly recommend that you check out my http://bankruptcy-chapter-7.com information website where you can watch the best collection of videos explaining the bankruptcy subject.