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?