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A Survival Guide to The Meeting of Creditors


Most people get very concerned when they hear the term Meeting of Creditors! We understand, and we’re here to put your mind at east about what this meeting is not.

You will not be in a courtroom being grilled by your credit card company!

Things You Want To Know About the Meeting of Creditors

Here are some quick facts you want to know:

  • It is not a court hearing.
  • It does not take place in a courtroom.
  • It takes place about a month after you file your bankruptcy case.
  • There is no judge present at the Meeting of Creditors.
  • The meeting is conducted by a bankruptcy trustee.
  • The meeting generally lasts about 10 minutes.
  • It is rare that creditors attend the meeting.

Every person who files for bankruptcy must attend a Meeting of Creditors. It is also known as a “341 Hearing,” so titled because it is required by section 341 of the federal Bankruptcy Code.

What To Expect At The Meeting of Creditors

At the meeting, you will be questioned under oath by the bankruptcy trustee assigned to your case. As noted above, the Meeting of Creditors is not held in a courtroom but is typically conducted in a conference room or other type of office space.

Your creditors will be notified of the date, time, and location of your Meeting of Creditors and they have the right to attend the meeting. However, creditors rarely attend the Meeting of Creditors.

In the unlikely event one of your creditors does attend the meeting, know that they cannot grill you, harass you, or threaten you. They cannot demand an answer as to why you’ve filed for bankruptcy. They may only ask you questions pertaining to your bankruptcy petition, and the nature and location of your assets.

At the Meeting of Creditors, you will not have to defend your choice to file for bankruptcy.

The Bankruptcy Trustee’s Role At The Meeting of Creditors

Every bankruptcy case is assigned a bankruptcy trustee to oversee and administer the case. The bankruptcy trustee’s role at the meeting of creditors is to:

  • Verify your identity (you will need to provide identification and proof of your social security number).
  • Ask you questions under oath, under penalty of perjury.
  • Ensure your bankruptcy petition is truthful, accurate, and complete.
  • Examine your case for bankruptcy fraud.
  • Determine if you have unprotected assets for the trustee to seize and sell to pay back some or all of your creditors.

Most of the questions you will be asked are routine and easy to answer. It is important to be honest and concise when answering questions. To give you a few examples, here are some common questions the trustee may ask:

  • Did you review your bankruptcy petition and schedules before you filed them with the court?
  • Is all of the information contained in your bankruptcy papers true and correct to the best of your knowledge?
  • Has anything changed since the date you filed your case?
  • Did you list all of your debts?
  • Did you disclose all of your assets?

We Attend the Meeting of Creditors With Our Clients

The Meeting of Creditors is often a point of concern or worry for many of our clients. Know that if you hire us to file your bankruptcy case, we will not only prepare you for the meeting, but we will be sitting by your side at the table.

We’re here to help you through your bankruptcy case from start to finish. Contact us to explore how bankruptcy can help you! We offer free consultations to anyone looking to explore how to get out of debt.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

The post A Survival Guide to The Meeting of Creditors appeared first on Braziel Law.

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