How to Survive the First Meeting of Creditors
By Cathy Moran, California Bankruptcy Lawyer on Feb 11, 2007 in General Bankruptcy Information
For most bankruptcy debtors, the 341 meeting or the First Meeting of Creditors is as close to a bankruptcy court as they will get. Debtors ask, how many times will I have to go to court? The typical answer is once, and that’s not even really court, since there is no judge there.
The first meeting is really a meeting with the trustee assigned in your case; creditors are invited but seldom come. The others in attendance are other debtors and their attorneys waiting for their few minutes of testimony. It is an information gathering meeting.
The important thing to know is that the 341 meeting is not a test nor is it a trial. No rights are won or lost there and the trustee does not have the power to make unilateral decisions about your case. If you dispute some action the trustee proposes, you can ask the judge to resolve the dispute.
Of course, if new information comes out at the first meeting that was omitted from your schedules, new issues are raised. If the omission was innocent, it can usually be fixed by amendments to the papers or corrective testimony at the hearing.
Basic rules for testifying under oath:
- Tell the truth.
- Listen carefully to the question.
- Answer in as few words as possible.
Your attorney’s role in the meeting is to make it run smoothly, listen to your answers, provide document at the trustee’s request. Most 341 meetings are short, sweet, and uneventful.
More on the 341 meeting.
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