After a petition has been filed with the Bankruptcy Court, the United States trustee must call a meeting of creditors and a meeting of equity security holders.

• Briefly summarize the ramifications for an individual debtor who retains possession of collateral for more than 45 days after the date first set for the meeting of creditors.
• Provide two examples of property that may be reaffirmed after the meeting of creditors.
• What repercussions could the person reaffirming a debt face if they fail to pay the debt after reaffirmation?

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1 Ramifications for an Individual Debtor Retaining Possession of Collateral When an individual debtor files for bankruptcy and retains possession of collateral such as a car or a house for more than 4... View the full answer