The Meeting of Creditors in a Bankruptcy

After the paperwork for a bankruptcy is filed, the court will schedule a “meeting of creditors.”  Often referred to as a 341 meeting (because it’s required under Section 341 of the bankruptcy code), this is nothing more than an opportunity for the trustee assigned to the case or your creditors to ask a few questions about the paperwork or your assets and debts.

This meeting is nothing to be concerned about.  In a typical Chapter 7 bankruptcy, it will only last about 5 minutes and the questions will be fairly routine.  Rarely do any creditors show up, and if they do, it’s often only one or two who hold a security interest in property you own, such as a tire company or a credit union who lent you money for a car.  Generally all they want to know is your intentions regarding the debt: do you intend to pay it and keep the merchandise or not?

The trustee will swear you to tell the truth under penalty of perjury and then check your social security number and look at a photo id.  After that, he will ask you the following:

1. Your name, address and marital status.

2. Whether you reviewed the bankruptcy paperwork and signed it.

3. If everything in the paperwork is true or if there are any changes you wanted to make.

4. Whether you owe child support to anyone.

5. Whether you have filed your taxes for the past year(s).

6. If you have any other real or personal property other than what is listed.  (Often the trustee will itemize the big items of property –houses and cars- for the record.)

7. Whether you have transferred or given property to anyone in the past two years other than what is listed in the paperwork.

8. If you are suing anyone.

9. Whether anyone has died and left you any money.

10. If there are any creditors present who wish to be heard.

That’s generally it.  All done.  Pretty straight forward and simple.