For both Chapter 7 and Chapter 13 bankruptcy, there is a mandatory meeting of creditors that filers must attend. With Chapter 7, the process involves discharging debt, but your assets may be subject to liquidation to pay creditors. You can protect assets, including equity in your home, vehicles, and other items, through exemptions. The meeting of creditors aims to confirm the information on eligibility, assets, and exemptions, just as you reported on your bankruptcy petition.