What To Expect At Your Meeting Of Creditors

Filing for bankruptcy can be a lengthy and complicated process

. When youre filing a Chapter 7 bankruptcy, you will need to attend a 341(a) Meeting of Creditors with your Trustee and attorney. This can be a very intimidating meeting, but knowing what to expect can help calm your nerves.

When your Chapter 7 petition is first filed, the courts will assign a date and location for your meeting of creditors. The 341(a) comes from the section of the Bankruptcy Code that mandates the meeting. At this meeting, you will meet with your Trustee, who works to liquidate your non-exempt assets to pay your debts.

The meeting is recorded and typically lasts no more than a few minutes. Its not a dramatic court hearing where you will be interrogated, or even an in-depth analysis of your finances. In reality most Trustees have about ten 341(a) meetings in an hours time. They are quick and to the point. Not only will your meeting fly by, but you will be instructed of the process; where to stand and when to sit. The only case of an extended meeting is when your Trustee feels he can recover assets for your creditors benefit, in which case, he may spend more time assessing your case.

You will be sworn in and whatever you say is under oath. Its important to remember that lying under oath is very serious. If youre unsure of any answer, be completely honest. Dont make something up or guess on any of your answers. If you have no idea what theyre asking or how to answer, simply explain that you dont know. Dont become flustered or try to make jokes. Its an uncomfortable situation, but youll be out of there in no time.

You will be required to bring proof of your identity and will be asked some simple questions. What youll need to have with you is your drivers license and social security card, your most recent federal tax return, and, if your Trustee requests, your 341 meeting questionnaire. You will be asked if you read and understood all documents before signing, if you correctly listed all your assets and debts, if youd like to make any corrections, and so on. Then within a few minutes, its all over. Just remember, as long as youre honest and upfront, youll have nothing to worry about and your Killeen and Waco bankruptcy attorney can even be there with you.

by: Davis Law

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