- 8 -
allowed to retain certain exempt property (i.e., property exempt
from creditors’ claims). Bankruptcy Code sec. 522.
Property owned by a debtor in bankruptcy prior to filing a
bankruptcy petition is referred to as a prepetition asset.
Property acquired by a debtor in bankruptcy after filing a
bankruptcy petition is referred to as a postpetition asset.
Generally, postpetition assets are not part of a bankruptcy
estate. Everett v. Judson, 228 U.S. 474, 478-479 (1913).
In a chapter 7 bankruptcy proceeding, generally a debtor in
bankruptcy is ordered to meet with creditors. Bankruptcy Code
sec. 341; Fed. R. Bankr. P. 2003. In this meeting, creditors
have an opportunity to request from the debtor in bankruptcy
information regarding the property of the debtor in bankruptcy.
Bankruptcy Code sec. 343; Fed. R. Bankr. P. 2003(b)(1). Although
this meeting frequently is referred to as the first creditors’
meeting, in a chapter 7 bankruptcy proceeding it often will be
the only creditors’ meeting.
Creditors who wish to object to the discharge of a debtor in
bankruptcy from particular debts generally must file an objection
with the bankruptcy court no later than 60 days after the first
creditors’ meeting. Fed. R. Bankr. P. 4007(c). Generally,
absent objection from creditors, the bankruptcy court will issue
to a chapter 7 debtor in bankruptcy a discharge order soon after
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: March 27, 2008