Legal Question in Credit and Debt Law in California

Depending on the kind of bankruptcy filing (asset or no asset), you might file and serve a proof of claim, which outlines the amount of money owed and provides the evidence of that debt. Sometimes creditors eventually are paid in a bankruptcy -- although it's not always at 100%. You may ask a limited number of questions at the creditors' meeting. The questions are usually to determine whether there was some kind of fraud, and whether there are assets that might be liquidated. It would give the trustee -- who administers the bankruptcy -- the heads-up on potential follow-up investigation to secure some payment for the creditors.