What to Expect During Your Meeting of Creditors
When you file for bankruptcy, there are some important steps that will need to be completed before your bankruptcy can be finalized. One of those steps is to attend a required meeting of creditors, which is also called a 341(a) meeting. In this meeting, you will meet with a bankruptcy trustee to discuss information regarding your bankruptcy case. Here is some information on what to expect during your meeting of creditors.
The Bankruptcy Creditor Meeting Setup
For your first meeting of creditors, you should receive a letter or call from your lawyer regarding the date, location, and time of your meeting. It is very important that you attend this meeting and be on time. Although you are not required to dress up, you should try to look nice and arrive at the meeting location at least 15 to 20 minutes before your appointment.
Although the setup for these meeting may vary in each state, you should be prepared to see other people who have also filed for bankruptcy in the same meeting room with you. You should wait patiently with your lawyer until your name and case number is called by the trustee.
What to Bring To The Bankruptcy Creditor Meeting
When your name is called, the bankruptcy trustee will request to see important documents from you to identify who you are. Therefore, you should bring some identification that has a picture, such as a driver’s license, and your social security card. If you do not have these two items, the trustee will have to reschedule your meeting for another day. Your lawyer will provide you with a detailed list outlining any other documents you may need to bring, such as your mortgage or car loan statements. In many cases you will have already given this information to your lawyer and he will bring it with him.
Bankruptcy Questions
The trustee will ask you some questions regarding your bankruptcy filing to make sure all of the information he or she has is correct. You will be placed under oath during the questioning period. Some of the questions may be about how much money you owe, why you decided to file for bankruptcy, and current real estate. Your creditors do have the option of disputing your ability to eliminate their debts in bankruptcy. While it is very uncommon for them to do so (unless they believe you fraudulently created your debt), they are unlikely to be at or call during your meeting.
After the Bankruptcy Creditor Meeting
At the end of the meeting, the trustee may ask you to submit additional information to answer any new questions or to complete your filing. To keep your bankruptcy moving along smoothly, you should submit all requested information as quick as possible. If no additional information is required, your bankruptcy should be finalized within two to three months following the meeting.
Although you may be nervous about your meeting, you should try to keep calm during the entire process. The average meeting of creditors, if there are no problems or major questions, is usually no longer than 6 to 10 minutes. The key thing to remember is just tell the truth no matter what when under oath.