What You Can Expect at the Bankruptcy Creditor’s Meeting

Not long after you file your Chapter 7 or Chapter 13 bankruptcy petition, the court will appoint a trustee who will oversee the management of your case. In addition to reviewing your petition and various schedules you file, the trustee gathers information about your financial state. This includes presiding over a section 341 hearing — otherwise known as the ‘meeting of the creditors’. Sometimes people feel nervous about the 341 hearing meeting—not knowing what to expect.  There is no cause for alarm because typically, the simple process lasts only about 15 minutes.

Preparing for the meeting of the creditors

Though simple, the creditor’s meeting is an important procedure in the bankruptcy process. The Bankruptcy Rules requires you to make an appearance.  Your failure to attend can lead to the court lifting the automatic stay protection — the injunction that prohibits your creditors from pursuing collections against you during your bankruptcy — and even dismissing your case. On the other hand, your creditors are not required to appear and they usually don’t.

After administering the oath, the trustee will ask you several questions about the bankruptcy petition you filed. The questions may be directed about your assets, any exemptions you claimed or your expected future income. Because you are under oath, you are required to answer all of the questions completely and honestly.

When you come to the meeting you must show the following items to the trustee:

• Valid identification – driver’s license or other photo identification issued by the government and your social security card

• Financial documentation which includes proof of your current income, a statement of any of your financial accounts and your current monthly expenses
• Federal income tax returns that you submitted recently

The importance of the meeting of the creditors cannot be overstated. The Pennsylvania bankruptcy attorney at Harold Shepley and Associates can get you properly prepared to help eliminate any anxiety you may have.   Call us for a free consultation. You have nothing to lose but your debt.

By Harold Shepley | Published September 24, 2013 | Posted in Bankruptcy | Tagged bankruptcy attorney, bankruptcy creditor's meeting, filing for bankruptcy | Leave a comment