About a month after a person files for a Chapter 7 or Chapter 13 bankruptcy, he/she has to attend a Meeting of Creditors, sometimes called a 341 Meeting after the section of the Bankruptcy Code that requires it. If a husband and wife file a joint bankruptcy, both of them must attend the meeting which is led by a bankruptcy trustee. You are required to present to the trustee a picture ID and proof of your Social Security number.
The name is misleading because it implies that you’re going to sit down at a table with all of your creditors. In reality, it is unlikely that any of your creditors will show up for this meeting.
While you may be nervous, don’t be scared because the meeting is not a test or an inquisition. The purpose of this meeting is really for the bankruptcy trustee to review your bankruptcy paperwork and question you under oath regarding the things that you own and the bills that you owe. The meeting is recorded and after the trustee swears you in, he will begin to ask you questions. Some common questions are, “Did you read and review all the bankruptcy schedules before you signed them? Are they true and accurate to the best of your knowledge? Did you list all of your income, expenses, and debts?”
Also, in the case of a Chapter 13 bankruptcy, the Trustee will focus on whether or not your monthly expenditures are reasonable and necessary. He will also advise your attorney regarding any secured or priority claims that have been filed by creditors and whether the proposed plan appears feasible.
Typically, this meeting is the only meeting that a debtor will have to attend.
If you are struggling with debt problems and would like to know more about how bankruptcy may be able to help you, contact me today by phone or email to schedule a FREE initial consultation. I would count it a privilege to be able to visit with you in a relaxed and confidential environment where I’ll answer all of your questions in plain English and give you the straight scoop on the pros and cons of bankruptcy as related to your specific situation.
