Even though a bank in Indiana filed for Chapter 7 bankruptcy nearly two months ago, the first meeting of creditors was not held until last week.

This meeting, also known as the "341 meeting," takes place between the creditors and the person/agency that filed for bankruptcy. Also present is the court-appointed trustee who acts as an impartial mediator between the two parties. While creditors are not required to attend this meeting, they are welcome to join and ask any questions they may have about the bankruptcy filing.

A quick review of the bank's papers reveals that the institution is $106.6 million in debt, while holding assets of $8.2 million. An inside source reveals that a majority of the bank's creditors have unsecured debts that are listed as non-priority. At this time, the bank already has one bidder willing to purchase the remaining assets, a move that would help the bank complete its Chapter 7 bankruptcy requirements even sooner than expected.

If you are considering Chapter 7 to address your debts once and for all, contact the Malaise Law Firm to enlist the help and services of a South Texas bankruptcy attorney from our team.